Core Concept 5: Economics
Quiz by JOHN HAGENMAIER
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- Q 1/35Score 0___ means having LIMITED resources to meet UNLIMITED wants29scarcityinflationdemandsupply
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35 questions
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- Q1___ means having LIMITED resources to meet UNLIMITED wantsscarcityinflationdemandsupply30s
- Q2the cost of what you give up in order to do something elseopportunity costincentivesspecializationscarcity30s
- Q3the WANT or desire for goods; the amount that is wantedprofitrevenueincentivesdemand30s
- Q4the amount available for use or purchasesupplyGDPprofitdomestic30s
- Q5people who make products are called ____ (those who MAKE)specialistsconsumersproducersexporters30s
- Q6people who buy products are ___ (those who BUY)producerssuppliersworkersconsumers30s
- Q7things that encourage people to act in a certain wayincentivesimportsexportsinflation30s
- Q8the money left over after subtracting the cost of doing businessspecializationinterdependencelossprofit30s
- Q9money earned by doing business; what a business receives from consumersgross domestic profitinflationcapitalismrevenue30s
- Q10countries focus on making a small number of goods they do best; not making EVERYTING themselvesfree tradedeveloping economyspecializationcapitalism30s
- Q11the struggle among producers (like Kroger,Meijer,Walmart) for the chance to earn your moneycompetitiontraditional economyentrepreneurisminflation30s
- Q12the general increase in price over timeinflation30s
- Q13in a ___ economy people make/grow most of what they need themselves, living simplymixedmarketcommandtraditional30s
- Q14a ___ economy gives freedom to producers and consumers to buy & sell on their ownmixedmarkettraditionalcommand30s
- Q15a ___ economy has the government making ALL economic decisionsinterdependentmarketmarketcommand30s
