Unit 9 Vocabulary Quiz 2023 standards

What is scarcity?

• When not enough of it for the people who need it or want it.

• A surplus of resources.

• An abundance of goods.

• A situation where demand is less than supply.

Who is a consumer?

• A person who purchases goods and services for personal use.

• A person who sells goods.

• A company that produces goods.

• A government entity that regulates trade.

What is a producer?

• A person or company that makes, grows, or supplies goods for sale.

• A person who consumes goods.

• A government agency that regulates production.

• A financial institution that provides loans.

What is opportunity cost?

• The value of the next best thing you give up whenever you make a decision.

• The cost of producing a good.

• The price of a product in the market.

• The amount of money spent on advertising.

What is innovation?

• Coming up with new ideas and finding ways to bring them to market.

• The process of copying existing products and selling them as your idea

• The reduction of production costs to lower prices

• The increase in market share.

What are processes?

• The series of actions that transform resources to goods and services.

• The end result of production.

• The financial transactions of a company.

• The marketing strategies of a business.

What is productivity?

• Using resources efficiently and wisely.

• The total output of a company.

• The number of employees in a company.

• The amount of goods produced in a year.

What are resources?

• These can be natural(materials that exist naturally), human( people who make up the workforce), or capital(land, buildings, equipment) and are used in the production of goods or services.

• Only natural materials used in production.

• Only human labor used in production.

• Only financial capital used in production.

What is a traditional economy?

• Decisions such as the what, how, and for whom questions are all made on the basis of customs.

• An economy based on technological advancements.

• An economy driven by government regulations.

• An economy focused on international trade.

What is a free-market economy?

• A system that is created by interactions between buyers and sellers that have few, if any, regulations.

• An economy controlled entirely by the government.

• An economy with strict trade barriers.

• An economy with fixed prices.