Introduction to Economics

Question 1

What are factors of productions that are used in production of goods and services?

Accepted Answer

Resources

Question 2

What is competition?

Accepted Answer

Rivalry between produces or sellers of goods and services.

Question 3

What is the using of goods and services?

Accepted Answer

Consumption

Question 4

the amount that is more than needed or wanted

Accepted Answer

surplus

Question 5

What is the inability to satisfy all wants at the same time. Resources and goods are limited?

Accepted Answer

Scarcity

Question 6

What is Traditional Economy? ( Two Answers; Choose one )

Accepted Answer

Economic decisions made based on custom/historical precedent, Often does the same type of work as family; regardless skill

Question 7

Microeconomics is the study of economics factors that affect an entire country.

Accepted Answer

False

Question 8

All choices entail an opportunity cost

Accepted Answer

True

Question 9

A person who buys and uses goods and services to satisfy their needs and wants.

Accepted Answer

Consumer

Question 10

something you give up in order to make purchase

Accepted Answer

opportunity cost

Question 11

What is one part of Free Market Economy?

Accepted Answer

Individual choice

Question 12

the economy in which the government let companies and consumers decide what will be produced and sold

Accepted Answer

free market economy

Question 13

What is going on in the pictures? ( Combining of resources to provide goods or services )

Accepted Answer

production

Question 14

Budget is a plan for spending and saving money that helps you reach economic goals.

Accepted Answer

True

Question 15

The four productive resources ar

Accepted Answer

Natural, capital, human resources & entrepreneurship

Question 16

What is Profit?

Accepted Answer

Earning after all expenses have been paid.

Question 17

Actions or activities that people provide to help others, usually for payment, like experiences or work done for.

Accepted Answer

Services

Question 18

Physical items that can be bought or sold. These are things you can touch and take home.

Accepted Answer

Goods

Question 19

a system of money

Accepted Answer

currency

Question 20

What is the amount of money exchanged for a good or service.

Accepted Answer

price

Question 21

A person, company, or country that makes, grows, or supplies goods and services for consumers.

Accepted Answer

Producer

Question 22

Macroeconomics is the study of how individuals, households , businesses and industries make decisions about money.

Accepted Answer

False

Question 23

the study of how people make choices regarding the buying, selling, using, and distributing of things

Accepted Answer

Economics

Question 24

Interaction of ____ and _____ determine price.

Accepted Answer

supply and demand

Question 25

Economics is the study of

Accepted Answer

People allocating limited resources to satisfy unlimited wants

Question 26

What is the selection of an item or action from a set of possible alternatives?

Accepted Answer

Choices

Question 27

the study of what factors affect peoples purchasingchoices

Accepted Answer

Consumer behavior

Question 28

Revenue is a business total income

Accepted Answer

True

Question 29

profits is all the money left over a business pays the natural, capital and human resources required in a business.

Accepted Answer

True

Question 30

The limited nature of society's resources is known as

Accepted Answer

Scarcity

Introduction to Economics

Questions 30

Introduction to Economics

Questions 30