EPF UNIT 2 Quiz Review

The things you want to accomplish in your life are your? 

Profit is equal to

The law of demand says that consumers will demand more of a product at a lower price than at a higher price

Wants are the things you can’t live without, and needs are the things that you would like to have but can live without.

Kemba receives a paycheck every week from his employer. Kemba’s labor is a _____ his employer pays for.

When not enough resources are available this exists

Tribes in remote areas still live in a

According to the law of demand, if the price of avocados decreases, _____.

Who owns the factors of production in a planned economy?

The equilibrium price for a product is the price at which the quantity supplied is

The value of your next best alternative whenever you make a choice is called the?

Raw materials, labor, knowledge, and equipment used in producing good and services are called

A mixed economy is a mixture of a market economy with some aspects of a 

The decision making process helps you approach buying decisions in an organized, logical manner.

The idea that producers are willing to make more at a higher price.

Which of the following best describes a surplus?

An economy in which the government tells you what to produce is a description of (a)

The quantity of a product that producers are willing and able to make available for sale at various prices over a given

A decision made on a daily basis and it doesn't require a lot of time to think through