Intro to Economics

Tangible, or touchable, items that can be bought or sold are called ___________.

• industry

• goods

• scarcity

• surplus

All businesses related to the same type of good or service are called _______.

• services

• capital

• industry

• economy

The desire that consumers have for buying a good or service is ________.

• supply

• capital

• entrepreneur

• demand

_______ is when a limited, or low, supply of a good or service is available for sale

• surplus

• scarcity

• economics

• supply

A person who risks starting a business to earn a profit is called a/an_______________.

• industry

• market equilibrium

• entrepreneur

• service

______ is when the price point where supply and demand are equal.

• surplus

• supply

• market equilibrium

• demand

The total amount of a good or service available for sale is __________.

• supply

• surplus

• demand

• capital

__________ means "the way goods and services are made, sold, and used in a society".

• market equilibrium

• demand

• economics

• capital

When an abundance of a product is available for sale, it is called ________.

• demand

• surplus

• service

• scarcity

Intangible actions people perform to help others are examples of _________.

• goods

• services

• entrepreneurs

• industries