11a-12b supply and demand

the inability to satisfy all wants at the same time is

• scarcity

• resources

• supply

• demand

the people who buy goods or services

• consumers

• producers

factors of production used to make products

• scarcity

• resources

• supply

• demand

What type of resource is water?

• capital

• natural

• human

• entrepreneur

where supply and demand meet is called...

• equilibrium price

• consumption

• resources

• supply

What type of resource is a car?

• capital

• natural

• human

• entrepreneur

the process of how combined resources become a good or service is called the _________ process

• production

• consumption

• distribution

• elimination

what you give up when you choose something or your second best option is called

• price

• opportunity cost

• supply and demand

• consumption

What type of resource is a baker?

• capital

• natural

• human

• entrepreneur

Molly combines flour, water, and sugar along with her work as a baker and her oven to make cookies. The process of combining resources to make the cookies is called ____________

• consumption

• production

• equilibrium price

• elimination