Year 9 - Participants in the economy (Review 1)

The economic problem is ________________________ .

• money

• business

• scarcity

• boredom

We have unlimited _______________________________ .

• government

• money

• resources

• needs and wants

When we have a choice, what is the option we give up called?

• opportunity cost

• the bad choice

• optional choice

• scarcity

What is it called when something is short in supply?

• high resource

• low resource

• scarcity

• abundance

All resources are ____________________________.

• limited

• abundant

• needs

• wants

The ______________________ is the higher the price, the more willing producers are to supply (supply increases), the lower the price, the less willing producers are to supply (supply decreases).

• law of supply

• law of demand

The ____________________ is the higher the price, the less willing consumers are to consume (demand decreases), the lower the price, the more willing consumers are to consume (demand increases).

• law of supply

• law of demand

Which of these is not a factor of production?

• land

• labour

• money

• capital

• enterprise