ECONOMICS 101

Not being able to have everything you want due to a small supply is called.......

• oppurtunity cost

• economy

• scarcity

• resource

When you buy one item over another item that has the same value this is called.....

• scarcity

• profit

• corporation

• opportunity cost

When shareholders own stock in a company this is called a......

• partnership

• scarcity

• corporation

• opportunity cost

When two or more people own a company together this is called a......

• partnership

• scarcity

• corporation

• opportunity cost

When you sell something for more than you made it for this is called a....

• loss

• scarcity

• profit

• opportunity cost

When a worker recieves a wage or salary for his/her time working this is called....

• loss

• scarcity

• profit

• income

How much of a product is available to purchase at a given price is know as........

• demand

• supply

• profit

• income

How much of a product that people want to buy at the given price is know as....

• demand

• supply

• profit

• income

When people get together to buy and sell things it is know as....

• market system

• demand system

• banking system

• income system

If a customer no longer wants to buy a product due to poor quality of the product the demand will go down because of.....

• increase in popularity

• decrease in population

• loss of income

• customer preference