SOL CE 11 Economic Concepts

Question 1

Using goods and services

Accepted Answer

Consumption

Question 2

Combining of resources to make goods or services

Accepted Answer

Production

Question 3

The picture represents what concept?

Accepted Answer

Scarcity

Question 4

Factors of production-human, natural, capital, and entrepreneurship

Accepted Answer

Resources

Question 5

Things that entice or motivate-

Accepted Answer

Incentive

Question 6

Amount of a good or service producers and willing and able to sell-

Accepted Answer

Supply

Question 7

Amount of a good or service consumers are willing and able to buy

Accepted Answer

Demand

Question 8

What is given up when a choice is made

Accepted Answer

Opportunity cost

Questions 8