Economics Basics

People need to have a motivation, or _________________to produce something.

• incentive
• supply
• opportunity cost
• competition

A person who buys and uses goods and services

• consumer
• entrepreneur
• resource
• currency

another word for money

• barter
• economics
• currency
• price

The place where goods and services are exchanged

• barter
• currency
• market
• resource

The amount of money we pay for a good or service

• currency
• price
• inflation
• economics

How much people want something

• supply
• demand

The amount of goods available is called what?

• Surplus
• Opportunity Cost
• Demand
• Supply

Something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

What economy is where the government has total control of the economy. Businesses are not privately owned.

• Command
• Traditional
• Mixed
• Market

What type of economy occurs when the government has a little control, and there are also a few privately owned businesses.

• Command

• Traditional

• Mixed/Market