Economics CE12a-e Quiz

The inability to satisfy all wants at the same time

• Profits

• Production

• Supply

• Scarcity

That which is given up when a choice is made is called ____.

• Incentive

• Opportunity Cost

• Scarcity

• Price

The amount of money exchanged for a good or service is the ____.

• Price

• Opportunity Cost

• Loan

• Demand

___ are used to change economic behavior.

• Price

• Opportunity Cost

• Incentive

• Supply

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

• Demand

• Supply

• Opportunity Cost

• Price

Making goods or providing services is __________.

• Production

• Resources

• Opportunity Cost

• Incentives

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

• Supply

• Demand

• Opportunity Cost

• Incentives

The using of goods and services

• Production

• Consumption

• Supply

• Demand

A business's earnings after expenses are called ________.

• Profit

• Professional

• Profood

• Prounfit

Consumers determine what will be made or sold by what they buy.

• Law of Supply

• Law of Demand

• Production

• Consumer Sovereignty