Introduction to economics

What is opportunity cost often related to?

• choice

• life

• money

• power

The condition of not being able to have all of the goods and services one wants.

(a)  

Economic resources are____________.

• scarcity

• scarce

• scramble

• scrolling

The amount of a specific good or service that's available in the market.

(a)  

The amount of the good or service that customers want to buy.

(a)  

Supply and demand are influenced by the price of goods and services.

• True

• False

As the price __________, supply rises while demand declines.

• decreases

• declines

• increases

• inclines

As the price _____ supply constricts while demand grows.

• increases

• steadies

• decreases

• inclines

Economic actors pursue their self-interest.

• True

• False

Who are the economic actors?

• individuals

• nationalities

• businesses

• government