Key Economic Terms

Cost is

• what is given up

• the demand for a good / service

• the want for a good / service

• the result of an action / choice

Which of the following is NOT an example of "cost"?

• effort

• time

• results

• money

Things don't have costs ______ do.

• people

• places

• choices

• thoughts

T/F: One cost of watching a movie is time.

• True

• False

_____ consequences are results that were not expected.

• unbiased

• unfair

• unintended

• unrealistic

Another world for "consequence" is _______

• cost

• market

• property

• result

T/F: A consequence can be positive.

• True

• False

Supply is the _____ of a good or service.

• amount

• want

• result

• cost

Demand is the ____ of a good or service

• want

• cost

• result

• amount

How things are distributed (given out) is called:

• consequence

• resource allocation

• tragedy of the commons

• market