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Economic Concepts
Economic Concepts
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StudBud Administration
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SOL CE 11a Economic Concepts
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Because of scarcity, we must make?
Pizza
Choices
Incentives
Food
2
Amount of resources willing to buy for a price vs. the amount its being sold for is?
Production
Scarcity
Supply and Demand
Choice
3
Things used to motivate you to purchase (buy) something
KD's
Resources
water
Incentives
4
What ever I give up is my__________?
Price
Supply and Demand
Opportunity Cost
Choice
5
There are not enough resources so I have to make a ________?
Product
Resources
Choice
Scarcity
6
The combining of all resources to makes goods. Availability and preference determine _________?
Consumption
Choice
Price
Production
7
Production of goods and services (Capital, Human, Natural and Entrepreneurship)
Resources
Consumption
Cost
Price
8
The inability to satisfy all wants is?
Price
Scarcity
Opportunity Cost
Production
9
Goods and services that are essential (important) for life are referred to as
Wants
IDK
Needs
Markets
10
If Finish line offered a ______________ I would buy more sneakers
Price
Burger
Choice
Incentive
11
Collard Greens are a ______ resource
Human
Natural
Capital
12
What type of resource is a school building?
Capital
Human
Natural
13
The use of goods and services.. Ex: We eat food and drink water
Choice
Production
Incentives
Consumption
14
Which of these is a market?
Walmart
Amazon
All of the above
Mall
15
Because of ________, I cant have everything I want...
Production
Opportunity Cost
Choice
Scarcity
16
What type of resource would a teacher be classified as?
Capital
Natural
Human
17
The land which the school is on is an example of this type of resource
Natural
Human
Entrepreneurship
Capital
18
Cell phones are a _______ resource
Human
Natural
Capital
19
Amount of money for the goods
Price
Natural
Scarcity
Supply and Demand
20
What you give up after the choice is made
food
Opportunity Cost
Choice
Production