Economics Quiz Review

Making goods or providing a service

• production

• scarcity

• command economy

• first come, first served

How much consumers are willing and able to buy

• division of labor

• interdependent

• opportunity cost

• demand

Not being able to have all of the things we want because our "wants" are greater than the supply of things that resources can provide

• scarcity

• supply

• demand

• competition

The amount of a good or service that is available to consumers

• scarcity

• command economy

• supply

• first come, first served

Tom grows vegetables and sells them to the local neighbors. They have always liked Tom's vegetables, but a new grocery store opened around the corner. The store sells vegetables too, and many of Tom's neighbors shop there instead. This means that the demand of Tom's vegetables has gone down.

• True

• False

People and businesses who use resources to make goods and services

• producers

• consumers

• resources

People who buy or use goods and services to satisfy their personal needs and wants

• consumers

• producers

• resources

How much of a good or service is available

• consumer

• supply

• money

How much of a good or service people want

• demand

• consumer

• cash

A good that is used to produce many other goods and services

• capital resource

• human resource

• natural resource