Economiics Vocabulary Terms Quiz

What term is used to describe the maximum output that an economic system or economic entity can sustain over a period of time?

• Demand

• Capital

• Capacity

• Consumption

What is the term for goods or raw materials that are used in the production of other goods and services?

• Money

• Commodity

• Equity

• Capital Gain

What term refers to the rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume?

• Scarcity

• Competition

• Monopoly

• Capitalism

What is the term for the amount of a product or service that consumers are willing and able to purchase at a given price?

• Supply

• Consumption

• Demand

• Capital

What term describes the exclusive possession or control of the supply or trade in a commodity or service?

• Equity

• Monopoly

• Capitalism

• Opportunity Cost

What is the term for the cost of the next best alternative use of money, time, or resources when one choice is made over another?

• Scarcity

• Price

• Opportunity Cost

• Consumption

What term is used to describe the insufficiency of economic resources to satisfy all human wants and needs?

• Capital

• Scarcity

• Money

• Equity

What term refers to the total amount of a specific good or service that is available to consumers?

• Demand

• Consumption

• Capital

• Supply

What term describes the economic system where the means of production are privately owned and operated for profit?

• Socialism

• Communism

• Capitalism

• Feudalism

What term is used to describe the decrease in the purchasing power of money, reflected in a general increase in the prices of goods and services?

• Deflation

• Inflation

• Stagflation

• Recession