SS Economics Quiz

Things that can be touched are

• goods

• services

• price

• profit

Work that does not produce something you can touch is a

• good

• service

• price incentive

• profit

_________________ means we have a limited supply of resources.

• Debt

• Scarcity

• Tax

• Labor

Those who make a good or provide a service are

• consumers

• producers

• bosses

• customers

Those who buy goods and services are

• consumers

• producers

• providers

• entrepreneurs

__________________________ is what you give up in order to get something else.

• Specialization

• Price incentive

• Opportunity Cost

• A tax

A ________________________is when price encourages consumers to buy or producers to sell.

• loan

• tax

• price incentive

• budget

_________________ is when countries exchange goods with one another.

• Profit

• Specialization

• Price incentive

• Trade

When producers freely choose to sell and consumers freely choose to buy, it helps the buyers and sellers and is called

• scarcity

• labor

• opportunity cost

• voluntary exchange

______________________ is the work people do.

• A budget

• labor

• Voluntary exchange

• Trade