Economics

One important reason Virginia and the U.S. trade with other nations is...

• sell goods outlawed by U.S. consumer laws

• buy things we cannot produce here

• decrease the number of jobs

• control the worldwide cost of goods

The amount of goods on hand that producers can sell to consumers is known as...

• supply

• demand

• opportunity cost

• scarcity

Which economic concept is represented by the vehicle in this cartoon?

• profit

• incentive

• trade

• demand

Only one store in Collinsvile sells a new popular toy. The store only has a few of the toy left, and they cannot get anymore. What wil probably happen?

• The price of the toy will go up

• the store will close

• people will lose interst in the toy

• No one will buy the toy

Title?

more products = low prices

fewer products = higher prices

more demand = higher prices

less demand = lower prices

What would be the BEST title for the text?

• Factors of Production

• Economic Systems

• Production and Distribution

• Supply & Demand Determine Price

Using goods and services is called...

• consumption

• production

• scarcity

• choice

A person who starts a business to fulfill a need or want is called...

• employee

• executive

• entrepreneur

• boss

A selection of an item from a set of possible alternatives. Individuals must choose or make decisions about desired goods & services because these goods/services are limted.

• Consumption

• Opportunity Cost

• Resources

• Choice

Which capital resource completes the diagram?

• Land

• Manager

• Freezer

• Cow

A restaurant purchased new kitchen equipment. This investment meant that any new hiring of employees would have to be put on hold temporarily.

• abudance and scarcity

• supply and demand

• opportunity cost

• replacement cost