Economics Quiz Review

Making goods or providing a service

• production

• scarcity

• command economy

• first come, first served

The value of what is given up when a decision is made

• rationing

• opportunity cost

• scarcity

• lottery

When the government controls all the property and resources

• production

• consumption

• command economy

• division of labor

Dependent on others for some needs

• opportunity cost

• supply

• demand

• interdependent

The number of buyers or sellers in a market

• competition

• monopoly

• scarcity

• command economy

The first people to arrive get the product or service before the supply runs out

• rationing

• lottery

• first come, first served

• production

Where only one producer sells a product for which there are no close substitutes

• production

• consumption

• monopoly

• interdependent

Restricting how much people can buy and forcing people to share equally

• demand

• supply

• competition

• rationing

How much consumers are willing and able to buy

• division of labor

• interdependent

• opportunity cost

• demand

Not being able to have all of the things we want because our "wants" are greater than the supply of things that resources can provide

• scarcity

• supply

• demand

• competition