Economics

What is the process of buying and using goods and services?

• Goods
• Production
• Distribution
• Consumption

All of the following are considered types of resources EXCEPT ______________.

• human
• books
• capital
• natural

Jimmy wants to buy a car.  What do you call the amount of money he will have to pay for the car?

• Demand
• Price
• Incentive
• Supply

Scarcity refers to _____________,

• the inability to satisfy all wants at the same time
• what is given up when a choice is made
• things used to change economic behavior
• the factors of production

The worker in a factory are considered what type of resource?

• Entrepreneurship
• Human
• Capital
• Natural

What do you call the process of combining resources to produce goods and services?

• Production
• Demand
• Consumption
• Distribution

When supply is high and demand is low, the price of an item will be ____________,

• high
• none of the above
• stay the same
• low

What does the interaction between supply and demand decide?

• Consumer preferences
• Mixed economies
• Free markets
• Price of goods and services

What are the factors of production that are used to produce goods and services called?

• Price
• Scarcity
• Incentives
• Resources

What you must give up when you choose one thing over another is called ____________,

• capital
• supply and demand
• opportunity cost
• price