Supply And Demand/Opportunity Cost and Trade-offs

Question 1

Which is an nonrenewable resource?

Accepted Answer

oil

Question 2

What is it called when the supply is greater than the demand?

Accepted Answer

surplus

Question 3

What causes the price of an item to increase?

Accepted Answer

scarcity

Question 4

Who are the people and businesses that provide goods and services?

Accepted Answer

producers

Question 5

When you give up something of value to get what is most wanted is called what?

Accepted Answer

Trade-offs

Question 6

What is the number of items that are wanted for purchase?

Accepted Answer

demand

Question 7

How many steps are there in the decision making process?

Accepted Answer

4

Question 8

Who makes economic decisions?

Accepted Answer

entrepreneurs

Question 9

Tobacco production helped prosper what colony?

Accepted Answer

Jamestown

Question 10

Who are the people who buy and use goods and services?

Accepted Answer

consumers

Question 11

What is it called when the demand is greater than the supply?

Accepted Answer

scarcity

Question 12

What is given up when the alternative choice is not selected is called what?

Accepted Answer

Opportunity Cost

Question 13

What are the number of items that are ready to sale called?

Accepted Answer

supply

Questions 13