Economic Principles Quiz

The most desirable alternative given up for the decision is the opportunity cost.

• Opportunity Cost

• Trade-Off

• Scarcity

 The individual(s) responsible for combining all of the factors of production and assume the most risk. (Person(s))

ex. Sharks on Shark Tank

• Entrepreneurship

• Capital

• Labor

• Natural Resources

The quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

• Demand

• Supply

• Competitive Market

• Quantity

Economic principle that society has unlimited wants and needs but limited resources to fulfill them

• Scarcity

• Trade-Off

• Opportunity Cost

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something. 

• Cost

• Benefit

• Cost-Benefit Analysis

Occurs when we choose one course of action over another. 

• Trade-Off

• Opportunity Cost

• Scarcity

Any form of human efforts exerted (performed) in production (People)

• Labor

• Capital

• Entrepreneurship

• Natural Resources

An economy in which there are many buyers and sellers of the same good or service.

• Competitive Market

• Supply

• Demand

• Quantity

Resources found in nature that go into the production of a good/service (water, air, land, minerals)

• Natural Resources

• Capital

• Labor

• Entrepreneurship

Monetary or non-monetary gain received because of an action taken or a decision made.

• Benefit

• Cost

• Cost-Benefit Analysis