Economics Final

Which direction will the demand curve shift to show an increase in demand?

• Left

• Upward

• Right

• Downward

An oven at a bakery is an example of which factor of production?

• labor

• entrepreneurship

• natural resource

• capital

As prices increase demand...

• decreases

• escalates

• increases

• stays the same

A printer and ink cartridges would be an example of what kind of good?

• Complimentary

• Demanded

• Substitute

• Natural

What are unions?

• Clubs that workers can join

• An organization of workers to protect worker interests

• A group of workers who all do the same job

• A friendly association of workers and business owners

What is a strike?

• When workers protest

• When workers refuse to purchase products

• When workers refuse to work

• When workers are not allowed to work

What is a lockout?

• When workers protest

• When workers refuse to purchase products

• When workers refuse to work

• When workers are not allowed to work

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

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