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Economics Basics Flashcards | StudBud

Explore/Economics Basics

What is opprotunity cost?

Consemers

Economics Basics

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Questions 10

Answers

1
Consemers
is the study of how people meet their wants and needs.
are people or businesses that make and sell goods and services.
is the desire for a certain good or service.
are people or businesses that buy goods and services.
2
What is opprotunity cost?
The cost of goods and services.
The cost of a fun opportunity.
The cost of what you have to give up.
3
What is profit?
The money a company has left after subtracting its cost from its sales.
The money a person or business spends on goods and services.
The money a company or person has left to spend on goods and services.
4
Economics ...
is the ability and willingness to produce a certain good or service.
is the study of how people meet their wants and needs.
are people or businesses that buy goods and services.
are people or businesses that make and sell goods and services.
5
Producers are...
the study of how people meet their wants and needs.
people or businesses that make and sell goods and services.
people or businesses that buy goods and services.
the ability and willingness to produce a certain good or service.
6
Supply and demand are connected to price.
True
False
7
If demand is high and supply is low, the price of the item goes..
up
down
8
Demand
are people or businesses that buy goods and services.
is the desire for a certain good or service.
is the study of how people meet their wants and needs.
are people or businesses that make and sell goods and services.
9
Supply is
people or businesses that make and sell goods and services.
the ability and willingness to produce a certain good or service.
the desire for a certain good or service.
10
If the demand is low and supply is high, the price of the item goes..
down
up