Economics Study Guide

What is a person or business that provides goods and services?

• Director

• Producer

• Technical Director

• Consumer

What is a group of buyers and sellers of a particular good or service?

• Demand

• Consumer

• Market

• Competition

What is the price that balances the quantity supplied and quantity demanded?

• Equilibrium Quantity

• Opportunity Cost

• Cost-based Pricing

• Equilibrium Price

What is the cost of producing one more unit of a good?

• Marginal Cost

• Variable Cost

• Total Cost

• Opportunity Cost

What is the money a business receives from selling its goods and services?

• Income

• Revenue

• Expense

• Consumer

What is the alternative that we sacrifice when we make a decision?

• Trade-off

• Scarcity

• Lexical

• Economics

What is an expense that does not change no matter how much a business produces?

• Variable Cost

• Fixed Cost

• Marginal Cost

• Opportunity Cost

What is the cost of the next-best use of time or money when choosing to do one thing or another?

• Opportunity Cost

• Demand

• Marginal Cost

• Scarcity

What is the situation in which the supply of a good or service available is less than the demand for it?

• Shortage

• Surplus

• Scarcity

• Demand

What is the amount of a good or service that consumers are willing and able to buy over a range of prices?

• Supply

• Shortage

• Demand

• Scarcity