Economics 11A-C

The selection of an action or an item from a list of possible options

• Incentive
• Opportunity Cost
• Price
• Choice

What is the amount of goods or services consumers are willing to buy at a certain  price? 

• Incentive
•  Demand 
• Consumption
• Supply 

Which statement best describes the relationship between supply and demand? 

• The only time supply is effected by the demand is when the government controls the product. 
•  The only way to increase the demand for a product is to increase the supply. 
• Price is determined when supply equals demand. 
• If the supply of a product is reduced, the demand for it is also reduced. 

What is the inability to satisfy all wants at the same time?

• Scarcity
• Production
• Resources
• Competition

The combining of resources to MAKE a good or a service?

• Scarcity
• Production
• Resources
• Competition

Factors of production used in making of a good or service?

• Scarcity
• Production
• Resources
• Competition

The using of a good or service.  Consumer choice and price determine what is consumed.

• Scarcity
• Production
• Resources
• Competition

Things that incite or motivate to change economic behavior

• Incentive
• Opportunity Cost
• Price
• Choice

What you give up when you make a choice

• Incentive
• Opportunity Cost
• Price
• Choice

The amount of money exchanged for a good or service

• Incentive
• Opportunity Cost
• Price
• Choice