Economics Quiz

What is the meaning of Productive Resources?

• Trading goods and services with other people because both

  parties expect to benefit from the trade

• A situation in which decisions made by one person affect

  decisions made by other people, or events in one part of the world or sectors of

  the economy affect other parts of the world or sectors of the economy

• The natural, human, and capital resources that are

  available to make goods and services

• The value of the next best alternative when a decision is made;

  the value of what is given up in a choice

What is Interdepedence?

• A situation in which decisions made by one person affect

  decisions made by other people, or events in one part of the world or sectors of

  the economy affect other parts of the world or sectors of the economy

• A firm or a person who uses resources to make goods and services

• Occurs when the demand for a resource is greater than the supply of

  that resource: limited goods or services, limited time, limited abilities

• Money in circulation in any country

Which is the definition of trade?

• Someone who buys and uses goods and services

• The exchange of goods and services for money or other goods and services

• Trading goods and services with other people because both parties expect to benefit from the trade

• The natural, human, and capital resources that are available to make goods and services

Trading goods and services with other people because both parties expect to benefit from the trade is called:

• Opportunity Cost

• Interdependence

• Voluntary Exchange

• Consumers

Someone who buys and uses goods and services is known as a:

• Producer

• Consumer

What are producers?

• Trading goods and services with other people because both parties expect to benefit from the trade

• The exchange of goods and services for money or other goods and services

• Someone who buys and uses goods and services

• A firm or a person who uses resources to make goods and services

Money in circulation in any country is called....

• dollars

• yen

• currency

• peso

Opportunity cost is....

• when there is not enough of a supply

• the value of the next best alternative when a decision is made; the value of what is given up in a choice

• the natural resources to make goods and services

• the exchange of goods and services