Economics Final Exam

The most highly valued opportunity or alternative forfeited when a choice is made

• Trade

• Specialization

• Interdependence

• Opportunity Cost

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

• Scarcity

• Trade

• Standard of Living

• Human Resources

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

Courtney’s Hair Palace is a small, locally owned beauty salon in Olean. This represents what type of business?

• corporation

• partnership

• sole proprietorship

Keyonna is starting her own coffee shop. What economic term would best describe Keyonna and what does that term mean?

• Consumer – a person who uses or consumes goods

• Partnership – partner in the lemonade stand

• Entrepreneur- - person who takes a risk to start a new company

What do we call a person who is willing to take the risks of starting a business in order to make a profit?

• Proprieter
• Partner
• Entrepreneur
• Incorporater

What is a company called that sells stock to raise money?

• Partnership
• Corporation
• Sole Proprietorship
• Limited Partnership

What is inflation?

• decrease in prices

• no change in prices

• rise in prices

The social science concerned with how resources are distributed is called

• Sociology

• Statistics

• Psychology

• Economics