Economics Final Exam

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?

• Producer

• Consumer

• Scarcity

• Supply Chain

Who is the purchaser of goods?

• Consumer

• Producer

• Economist

• Supply Chain

Which is NOT a factor of production?

• Land

• Labor

• Economic benefit

• Capital

What is a simple definition of supply?

• Price increases - supply increase

• Stocking of shelves

• The thought of choice between items

• When supply goes up demand goes up.

What is a simple definition of demand?

• Price increases means demand will decrease

• The power of a product for sales

• When there is not enough stock

• Simply put a shortage.

What is a monopoly?

• A business that does not allow competition.

• A business that encourages competition.

• When supply exceeds demand.

• A risky investment.

What is an owner of a share of company called?

• Bondholder

• Fundholder

• Stockholder

• Board of Director

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

• 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.

• Scarcity

• Trade

• Standard of Living

• Human Resources