11A 12B Supply and Demand

Trees would be an example of what resource?

• Capital

• Human

• Natural

• Entrepreneurial

A truck would be an example of what type of resource?

• Natural

• Human

• Capital

• Entrepreneurial

What is the process of combining resources to produce a good and/or service

• Consumption

• Distribution

• Demand

• Production

What you must give up when you chose one thing over another is called-

• Opportunity Cost

• Capital

• Supply and Demand

• Price

What is consumption?

• Making of goods

• Using of goods and services

• Price

• All of the above

When one cannot satisfy all wants at the same time, there is__________

• Scarcity

• Supply

• War

• Inflation

You have a ________ when selection an item or action from a set of possibilities

• Treaty

• Choice

• Vision

• None of the above

What are the factors of production that are used to produce goods and services called?

• Resources

• Incentives

• Price

• Scarcity

What is demand

• Amount of incentives

• Amount of good and services people are willing to buy

• amount produced

• cost of an item

What is supply

• Amount producers are willing to sell

• Cost

• Price

• All of the above