MM Chapter 1 Term Review
Quiz by Ryan Ridout
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21 questions
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- Q1The study of the decisions that go into making, distributing, and using goods and servicesEconomics30s
- Q2What is given up when making one choice instead of anotherOpportunity Cost30s
- Q3The decision on which goods or services to use or not use due to limited resources and unlimited wants.Scarcity30s
- Q4The resources needed to produce goods and services.Factors of Production30s
- Q5Natural resources that exist and were not created by people.Land30s
- Q6Work that people do and includes all of their abilities, efforts, and skills.Labor30s
- Q7The manufactured goods used to produce other goods and servicesCapital30s
- Q8The ability of individuals to start new businesses, introduce new products, and improve business processes.Entrepreneurship30s
- Q9How a nation makes decisions to allocate its resourcesEconomy30s
- Q10An economy established through customs and tradition with the main concern being survival.Traditional Economy30s
- Q11An economy where supply, demand, and a system of pricing allow people to make the economic decisions through free interactions.Market Economy30s
- Q12How much producers are willing and able to produce at a certain priceSupply30s
- Q13How much consumers are willing and able to buy at a certain priceDemand30s
- Q14The price at which consumers and producers agreeEquilibrium Point30s
- Q15A maximum price set by the government that can be charged for goods and services.Price Ceiling30s