Economics

Front

How will scarcity of a capital good impact price?

Back

Price would go up

Front

Which of these jobs is involved in production? Secretary, Factory worker, Truck driver, Zoo keeper

Back

Factory worker

Front

Quantity means

Back

the amount

Front

What do you need to produce other goods and services? Options: consumer goods, capital goods, nondurable goods, Gross Domestic Product (GDP)

Back

capital goods

Front

The thing that you give up (the next best alternative) when you make a decision is known as

Back

Opportunity Cost

Front

How much people want something

Back

demand

Front

An economic system in which individuals and businesses make decisions about what to produce.

Back

Market economy

Front

Competition and profit motive are important characteristics of a:

Back

market economy

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

In this type of economy, the individual decides who to sell their products to.

Back

Market