Economics & Marketing Test

Things that a person thinks he or she must have in order to be satisfied.

• Supply

• Needs

• Wants

• Profit

Difference between the revenues earned by a business and the cost of operating the business.

• Needs

• Wants

• Profit

• Demand

Means through which goods and services are produced.

• Supply

• Economic Resources

• Opportunity Cost

• Needs

The quantity of a good or service that consumers are willing to buy at a given price.

• Wants

• Needs

• Economic Resources

• Demand

The quantity of a good or service a producer is willing to produce at different prices.

• Supply

• Demand

• Needs

• Wants

Value of the next-best alternative.

• Needs

• Demand

• Economic Resources

• Opportunity Cost

Things that a person must have in order to survive.

• Wants

• Needs

• Demand

• Profit

List two examples of a need.

• Food

• Clothing

• Ipad

• Watch

Pick two examples of a want.

• Shelter

• Jewelry

• Technology

• Clothing

Which one is not a type of resource

• Land

• Labor

• Entrepreneurship

• Market