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Economics
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Basic economics
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Which is not a resource used in the production of a good or service?
scacity
entrepeneurs
resource
human
2
If the supply of goods is greater than demand, then...........
Prices stay the same
Prices will fall
Prices go up
Opportunity cost created
3
Things that motivate you on how to decide to spend your money are called....
Tricks
Production
Incentives
Capital
4
What you give up when a choice is made is called?
Supply
Scarcity
Demand
Opportunity Cost
5
The amount of goods or services a producer makes available to market is
Demand
Produce
Cost
Supply
6
The amount of money exchanged exchanged for a good or service is..........
price
scarcity
production
choice
7
We have this type of economy:
Traditional
Mixed
Command
Free Market
8
Money, property, or equipment used in the production of goods or services is called?
Capital
Labor
Resources
Bonuses
9
A type of business that has two or more owners who share risks and profits and is a
monopoly
corporation
sole proprietorship
partnership
10
When there is not enough of a good or service to meet all the demand, you have..........
Demand
Surplus
Monopoly
Scarcity