Economics Final Exam Review

Front

The most highly valued opportunity or alternative forfeited when a choice is made

Back

Opportunity Cost

Front

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

Back

Scarcity

Front

The desire or willingness a consumer has to purchase a good or a service is called?

Back

demand

Front

The amount of goods or services available is called?

Back

supply

Front

Courtney’s Hair Palace is a small, locally owned beauty salon in Olean. This represents what type of business?

Back

sole proprietorship

Front

What economic term best describes Sophia starting her own coffee shop?

Back

Entrepreneur - person who takes a risk to start a new company

Front

What do we call a person who is willing to take the risks of starting a business in order to make a profit?

Back

Entrepreneur

Front

What is a company called that sells stock to raise money? Options: Partnership, Corporation, Sole Proprietorship, Limited Partnership

Back

Corporation

Front

What is inflation?

Back

rise in prices

Front

The social science concerned with how resources are distributed is called

Back

Economics