Economics Test Review

The quantity of a good/service that sellers offer at a specific price in a given period of time

This picture represents the

The quantity of a good/service that consumers buy at a given price at a particular time

People who are valued for the work they do to produce goods and services

Having products available where they are needed is called

Wants that require people to spend money to satisfy them

Demand =

This picture represents the

This picture is an example of what type of economic resource

Which is NOT a way that utilities can vary

Salesman, Owners Manual and Packaging are all examples of what type of utility

Occurs when a business alters or changes a product to make it more useful to customers

Supply =

Quantity of a good/service that consumers buy varies inversely with the price of a good/service

The way a nation makes economic decisions is called

This picture is an example of what type of economic utility?

The study of how to meet unlimited competing wants with limited resources

This picture represents what type of utility

This picture is an example of what type of economic resource?

Quantity of a good or service for sale varies directly with the price of a good or service

The price where supply equals demand is called

The ability of a product to satisfy customer wants or needs to both goods and services

All resources are

Items that can be used to produce goods and services are called

Wants that can be satisfied without spending money

This picture is an example of what type of Economic Resource?