Opportunity Costs, Trade and Specialization and Markets
Quiz by Nadir Ahmad
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25 questions
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- Q1a way for buyers and sellers to come together to exchange goods and services .market30s
- Q2directly exchange goods and servicesbarter30s
- Q3people buy and sell goods and services in the area where they are producedlocal market30s
- Q4goods and services are bought and sold all around the worldglobal market30s
- Q5a struggle or contest with othercompetition30s
- Q6someone who starts a business or introduces a new productan entrepreneur30s
- Q7refers to the amount of a product that buyers are willing and able to buy at different pricesdemand30s
- Q8refers to the amount of a product producers are willing and able to sell at different pricessupply30s
- Q9sellers will usually supply more of something as its price goes uplaw of supply30s
- Q10the price where the amount of a product that buyers want to buy is equal to the amount that sellers want to sellequilibrium price30s
- Q11the amount of an item supplied is higher than the amount demandedsurplus30s
- Q12has many producers selling an identical productA market with perfect competition30s
- Q13a market that is controlled by only one sellera monopoly30s
- Q14happens when people agree to exchange goods and servicestrade30s
- Q15they make and do the things they are best at instead of making and doing everything on their ownspecialize30s