Vocabulary Quiz (4th)

When demand for goods and services are more than the supply available. This is known as...

• Equilibrium
• Scarcity

• Surplus
• Overstock

What is a Trade-off?

• A situation where you have to give up one thing in return for something else
• A situation where you gain everything without losing anything

Opportunity Cost

• Potential benefit given up when one alternative is chosen over another
• The price of the potential benefit
• The value of the chosen alternative
• The cost of an opportunity

What are the 4 forms of "Factors of Production"

• Land, labor, capital, and entrepreneurship
• Money, technology, resources, and skills
• Water, air, fire, and earth
• Government, education, infrastructure, and healthcare

If you have resources and assets then you possess great...

• scarcity
• wealth
• debt
• poverty

Demand is...

• the amount of money consumers are willing to pay for a good or service
• the quantity of a good or service that producers are willing to supply at a given price
• the total number of goods or services available in the market
• the quantity of a good or service that consumers are willing and able to purchase at a given price

Supply is...

• the demand for a product or service
• the price of a product or service
• the quality of a product or service
• the amount of a product or service that is available for purchase

What is an example of a Subsidy

• Tax increase on agricultural products
• Reduction of government funding for healthcare
• Subsidizing technology companies to discourage innovation
• Government providing financial support to farmers to encourage agricultural production