Economic Concepts and Terminology

What is the ability to produce more of a good using fewer resources?

• A) Absolute Advantage

  
  

• B) Comparative Advantage

  
  

• C) Economic Efficiency

  
  

• D) Division of Labor

  
  

Who is considered the father of modern economics?

• A) Adam Smith

  
  

• B) Karl Marx

  
  

• C) John Keynes

  
  

• D) Thomas Malthus

  
  

What term refers to selfless concern for the well-being of others?

• A) Greed

  
  

• B) Altruism

  
  

• C) Profit Motive

  
  

• D) Self-Interest

  
  

What describes something man-made rather than natural?

• A) Natural

  
  

• B) Artificial

  
  

• C) Complementary

  
  

• D) Substitute

  
  

What does it mean when something can be achieved or reached?

• A) Altruism

• B) Artificial

  
  

• C) Attainable

  
  

• D) Elastic

  
  

What phrase means ‘all other things being equal’?

• A) Equilibrium

  
  

• B) Ceteris Paribus

  
  

• C) Economic Growth

  
  

• D) Tradeoffs

  
  

What is a change caused by a shift in consumer behavior?

• A) Change in Supply

  
  

• B) Change in Demand

  
  

• C) Equilibrium Change

  
  

• D) Price Elasticity

  
  

What refers to the amount of goods consumers are willing to buy?

• A) Quantity Demanded

  
  

• B) Quantity Supplied

  
  

• C) Demand Schedule

  
  

• D) Elastic Demand

What occurs when producers alter the amount they produce?

• A) Change in Supply

  
  

• B) Surplus

  
  

• C) Demand Change

• D) Opportunity Cost

  
  

What causes supply or demand to change unexpectedly?

• A) Technology Changes

  
  

• B) Changes in Conditions

  
  

• C) Inflation

• D) Price Ceiling