Standard 1 Review

The state of being in short supply or a shortage

• Opportunity Cost
• Consumption
• Price
• Scarcity

A benefit, profit, or value of something that must be given up to acquire or achieve something else

• Production
• Opportunity Cost
• Supply
• Scarcity

Process of designing, launching, and running a new business

• Consumption
• Entrepreneurship
• Opportunity Cost
• Price

The act or process of using up something (such as food or coal)

• Consumption
• Incentives 
• Scarcity
• Price

Something that motivates an individual to perform an action

• Supply
• Demand
• Incentive 
• Price

Economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service

• Supply
• Demand
• Choices
• Opportunity Cost

To make something needed or wanted available to someone; or to provide

• Opportunity Cost
• Production
• Supply
• Demand

The act of picking or deciding between two or more possibilities 

• Choice
• Price
• Supply
• Demand

Who makes most of the economic decisions in a Socialist (Command) economic system?

• consumers
• producers
• the government
• none of these are correct

Which of these is NOT one of the 3 Basic Economic Questions?

• What to produce?
• How to produce?
• Where to produce?
• For whom to produce?