Economics Review

Opportunity cost is

• The value of the next best alternative when making a choice

• The things you have, but can live without

• The things you have, and cannot live without

• The choice made in a logical manner

____________ are the products made in an economy. 

• Goods
• Services
• Consumption

When a company has more supply than demand this is known as a _______________. 

• Equilibrium 
• Shortage
• Surplus 

Labor is

• the work that people do when producing goods or services

• just like supply and demand

• the amount of goods or services available to sell at a given time

• the amount of goods and services people are willing to buy at a specific time

Businesses buy and Individuals sell in the ____ Market

• Factor Market

• Product Market

Businesses sell and Individuals buy in the _____ Market

• Factor Market

• Product Market

The problem of unlimited wants and needs with limited resources is called_____.

• Opportunity Cost

• Resources

• Scarcity

• Life

Choose the economic question(s)

• What goods and services will be produced?

• How will these goods and services be produced?

• Who will consume these goods and services?

The _____ economic system is a combination of market and command economic systems. For example, the United States uses this economic system.

• Command

• Market

• Traditional

• Mixed

The _____ economic system is based on a society's cultural values, and traditions passed from generation to generation

• Traditional

• Mixed

• Market

• Command