HKA Grade 10 Economics Quiz 2

What must be given up in order to undertake any activity or economic exchange (what you could have done with the money you spend on that thing); 'opportunity lost'

• Opportunity Cost
• Consumers
• Living Standards
• Production Cost

The quantity of a good or service that consumers are willing and able to buy at a particular price during a specific time period.

• Demand
• Supply
• Price
• Production Cost

The amount of money expected, required, or given in payment for something.

• Price
• Demand
• Supply
• Production Cost

The quantity of a good or service that producers are willing and able to offer for sale at a particular price during a specific time period.

• Supply
• Demand
• Price
• Production Cost

Costs incurred by a business when manufacturing a good or producing a service (including raw material and labor)

• Production Cost
• Opportunity Cost
• Trade
• Microeconomics

The increased movement between nations of trade, labour, investment, finance and technology. It means that countries are becoming more closely connected and affected by each other.

• Globalisation
• Macroeconomics
• Microeconomics
• Economic Model

People whose wants are satisfied by consuming a good or service; people who purchase merchandise and services for personal use.

• Consumers
• Needs
• Wants
• Consumption

Businesses that produce (not just sell) in more than one country; large businesses with a home base in one country but operate partially or wholly in other countries.

• Multinational Corporations
• Globalisation
• Macroeconomics
• Microeconomics

The things considered necessary for survival: food, water, shelter, clothing

• Needs
• Wants

Goods and services not considered necessary for survival.

• Wants
• Needs