Economics Final

Front

Economics is...

Back

the study of how to fill human wants and needs with limited resources

Front

Which of the following is NOT a factor of production? Land, Labor, Stock Market, Entrepreneurship, Capital

Back

Stock Market

Front

Goods or services that are necessary for day-to-day survival and well-being. Examples: food, clothing, shelter

Back

Needs

Front

Wants are...

Back

desires for things that may or may not be necessities

Front

Who buys goods or services?

Back

Consumers

Front

What is profit?

Back

Financial gain made after costs are subtracted

Front

opportunity cost

Back

When you make a decision, it's the choice you DIDN'T make.

Front

What does the Law of Supply state?

Back

If the price of a product increases, producers will supply more of that product.

Front

The Law of Demand states that if the price for a good or service increases, consumers will demand more of that product.

Back

False

Front

How do you satisfy your unlimited wants in a world of limited resources?

Back

by making choices