Rags to Riches

The amount of a good or service that producers are willing and able to sell at a certain price is ______

• Production

• the supply

• the demand

• consumption

The amount of a good or service that consumers are willing or able to buy at a certain price is _______

• the demand

• consumption

• the supply

• opportunity cost

When you use goods and services, it is called ________

• a choice

• the supply

• the demand

• consumption

What is given up or lost when a choice is made is called _______

• production

• opportunity cost

• resources

• price

What determines (decides) what is produced?

• what resources are actually available

• opportunity cost

• consumer (buyer) preferences and the prices

• the time of the year and the season

Which type of resource is coal?

• financial resource

• natural resource

• capital resoure

• human resource

The inability to satisfy all wants at the same time is called ____.

(What is it called when you aren't able to satify all of the consumers wants?)

• opportunity cost

• price

• scarcity

• supply and demand

Things that incite (start), motivate, or change economic (money/buying) behavior is called _____

• incentives (rewards)

• consumption

• resources

• choice

What type of resource are the machines used to produce cars?

• human resources

• capital resources

• natural resources

• entrepreneurship

What determines the price of a good or service?

• the supply of the goods or services

• the demands of the goods or services

• the decisions a business makes based on how much they want to earn

• the interaction (connection) between the supply and the demand