GCM EPF Unit 5-8 Vocabulary Assessment

First Name

Last Name

Class Period

• 1
• 2
• 3
• 5
• 6

Teacher Last Name

• Briones
• Du
• Galvao
• Diamond
• Kellogg

Student ID #

What is scarcity in economic terms?

• Having unlimited resources to meet unlimited wants
• The basic economic problem of having unlimited wants but limited resources
• When resources are abundant and readily available
• A situation where supply exceeds demand

What is an opportunity cost?

• The monetary cost of a purchase
• The total cost of production
• The next best alternative given up when making a choice
• The cost of labor in production

What is elasticity of demand?

• The physical flexibility of a product
• The responsiveness of quantity demanded to a change in price
• The total demand for a product
• The speed at which products sell

What is a price ceiling?

• The highest price allowed by law for a good or service
• The natural maximum price in a market
• The price where supply equals demand
• The price that maximizes profit

What is human capital?

• Money invested in machinery
• Physical assets owned by a company
• Knowledge, skills, and experience that make a worker productive
• The number of workers in a company