What is economics?

The study of how we produce and distribute our wealth is called...

• Consumption

• Opportunity Cost

• Economics

• Economic systems

Any item that can be bought or sold is...

• the supply

• a good

• scarce

• demand

Anything that is used to produce a good or service that can be used to satisfy our wants and needs it a(n)...

• supply

• loan

• surplus

• resource

The process of changing a raw material into an economic good or service to satisfy desires is...

• production

• consumption

• scarcity

• interdependence

Computers, hammers, trucks, and other man-made materials would be which factor of production?

• land

• labor

• capital

• entrepreneurship

What term is used for items that are necessary for survival?

• scarcity

• shortage

• need

• want

Jim starts a restaurant business using his own money to purchase a building and cooking supplies such as ovens and grills as well as hiring employees. He plans to expand to other cities. This is an example of which economic terms?

• entrepreneurship

• production

• specialization

• investment

Purchasing 4 pairs of the newly released shoes is an example of fulfilling a ...

• good

• service

• need

• want

A clothing company manufactures 500 anniversary editions of a shirt. Since there are so few shirts to sell, what effect will that have on the price of the shirts?

• The price will remain the same

• The price will be high

• The price will be low

• The price will fluctuate

Savanna attends college. She gives up her ability to earn money at her job to attend college. Savanna's lost earnings are an example of...

• Marginal Cost

• Fixed Cost

• Opportunity Cost

• Residual Cost