Economics

Front

What is the process of buying and using goods and services?

Back

Consumption

Front

All of the following are considered types of resources EXCEPT ______________: human, books, capital, natural

Back

books

Front

What do you call the amount of money Jimmy will have to pay for the car?

Back

Price

Front

Scarcity refers to _____________

Back

the inability to satisfy all wants at the same time

Front

The worker in a factory are considered what type of resource? Options: Entrepreneurship, Human, Capital, Natural

Back

Human

Front

What do you call the process of combining resources to produce goods and services?

Back

Production

Front

When supply is high and demand is low, the price of an item will be ____________

Back

low

Front

What does the interaction between supply and demand decide?

Back

Price of goods and services

Front

What are the factors of production that are used to produce goods and services called?

Back

Resources

Front

What you must give up when you choose one thing over another is called ____________

Back

opportunity cost