BE Final Exam Review - Part 2 [6082170]

__________________: the quantity of a good or service that buyers are ready to buy at a given price at a particular time.

• price

• supply

• demand

the benefit that is lost when you decide to use scarce resources for one purpose rather than for another.

• opportunity cost

• consumer goods and services

• capital goods

__________________: a condition resulting from the gap between limited resources and unlimited wants for goods and services.

• human resources

• wants

• scarcity

__________________: giving up all or a part of one thing in order to get something else.

• scarcity

• trade-off

the quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.

• law of demand

• supply

• inelastic demand

__________________: the amount of money paid for a good, service, or resource.

• distribution

• price

• elasticity

__________________: a desire for something that is not required.

• capital goods

• want

• need

economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.

• law of demand

• exchange

• law of supply

something required or essential that is lacking.

• consumption

• want

• need

______________: desires for things that can be obtained without spending money.

• need

• noneconomic want

• production