Study Economics Final Exam

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

Sophia is starting her own coffee shop. What economic term would best describe Sophia?

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?

Back

Corporation

Front

What is inflation?

Back

rise in prices

Front

The social science concerned with how resources are distributed is called

Back

Economics