The science (study) that deals with the production, distribution, and consumption of goods and services

• Economics

• Opportunity Cost

• Supply

• Demand

You want to go to a football game and a concert. You only have money to do one. The value of the option given up is called

• Economics

• Opportunity Cost

• Supply

• Demand

Buyers and users of goods and services are called producers

• True

• False

All of the following are examples of needs EXCEPT

• Food

• Water

• iPhone

• Shelter

Nonhuman resources are more efficient than human resources

• True

• False

Select the 4 factors of product

• Land (Natural)

• Labor

• Capital

• Entrepreneurial

• Economics

Lack of resources is called...

• Scarcity

• Supply

• Demand

• Equilibrium

An economic system in which economic decisions are based on a society's values, culture, and customs is what type of economic system

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

An economic system in which a central authority controls economic activities is called...

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

An economic system in which privately owned businesses compete for profits with limited government regulation is called...

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy