Intro to Economics

_____ is the study of how people choose to use their limited resources to satisfy their unlimited wants.

• economics

• economic system

• mixed market economy

Each country has its own _____, or way of producing the things people need and want.

• economics

• economic system

• mixed market economy

Because our economy has some elements of all three types of economies, the United States has a _____.

• economics

• economic system

• mixed market economy

_____ are expenses that do not change, no matter how much a business produces.

• fixed costs

• variable costs

• revenue

• profit

_____ change depending on how much a business produces.

• fixed costs

• variable costs

• revenue

• profit

The money a business receives from selling its goods or services is its _____.

• fixed costs

• variable costs

• revenue

• profit

The amount that consumers are willing and able to buy is the _____ in economics.

• demand

• supply

• surplus

• shortage

_____ is the amount the producers are willing and able to sell.

• demand

• supply

• surplus

• shortage

When the supply is greater than the demand in an economy, there is a _____.

• demand

• supply

• surplus

• shortage

When there is less supply than the consumers demand, it is a _____.

• demand

• supply

• surplus

• shortage