Economic Test Review 2024

The consumer is the most important in what type of economic system?

• free markey

• command

• traditional

• exposure

Rivalry between producers of goods services, usually results in better quality of goods and services at lower prices.

• resource

• opportunity cost

• competition

• service

The inability to satisfy all your wants at the same time (since goods and services are limited) is called ____.

• Consumption

• Scarcity

• Opportunity Cost

• Resources

Items or actions (such as free samples or sales) that motivate you to change your economic behavior are called ____.

• Incentives

• Resources

• Opportunity Cost

• Production

Factors of production used to make goods and services are called _____.

Hint: there are 4 kinds of these.

• Resources

• Incentives

• Choice

• Opportunity Cost

These resources come from nature.

• Capital

• Human

• Natural

• Entrepreneurship

Workers are this type of resource.

• Human

• Capital

• Natural

• Entrepreneurship

If you choose to buy a new shirt, then you can't buy a jumbo Blizzard at Dairy Queen. In this case, the ice cream is your ______.

• Opportunity Cost

• Consumption

• Scarcity

• Incentive

Combining human, natural, capital, and entrepreneurship resources to make goods or provide services.

• consumption

• demand

• supply

• production

Earnings after all expenses have been paid

• profit

• price

• supply and demand

• demand