Economics Final Exam

Front

What is Economics?

Back

The study of how people manage scarce resources

Front

Who is the maker of goods?

Back

Producer

Front

Who is the purchaser of goods?

Back

Consumer

Front

Which is NOT a factor of production? Land, Labor, Economic benefit, Capital

Back

Economic benefit

Front

What is a simple definition of supply?

Back

Price increases - supply increase

Front

What is a simple definition of demand?

Back

Price increases means demand will decrease

Front

What is a monopoly?

Back

A business that does not allow competition.

Front

What is an owner of a share of company called?

Back

Stockholder

Front

The most highly valued opportunity or alternative forfeited when a choice is made

Back

Opportunity Cost

Front

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

Back

Scarcity