Economics Final Exam

The most highly valued opportunity or alternative forfeited when a choice is made (a)  

• Trade
• Specialization
• Interdependence
• Opportunity Cost

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices. (a)  

• Scarcity
• Trade
• Standard of Living
• Human Resources

The desire or willingness a consumer has to purchase a good or a service is called? (a)  

• shortage
• supply
• price
• demand

The amount of goods or services available is called? (a)  

• supply
• demand
• producer
• consumer

The social science concerned with how resources are distributed is called (a)  

• Sociology
• Statistics
• Psychology
• Economics

What is Economics?

• The study of how people manage scarce resources

• The study of money

• The study of how money works

• The study of the stock market

Who is the maker of goods? (a)  

• Producer
• Consumer
• Scarcity
• Supply Chain

Who is the purchaser of goods? (a)  

• Consumer
• Producer
• Economist
• Supply Chain

Which is NOT a factor of production? (a)  

• Land
• Labor
• Economic benefit
• Capital

What is a monopoly?

• A business that does not allow competition.

• A business that encourages competition.

• When supply exceeds demand.

• A risky investment.