Economics Quiz :)

Desires that individuals and nations have that can be met by getting a good service

• needs

• wants

• demand

• supply

People who buy goods or services

• producers

• supply

• demand

• consumers

goods a person have to survive

• needs

• wants

• consumers

• supply

Studies of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

• supply

• demand

• economics

• surplus

What are the three resources to make goods and services

• capitol only

• natural,labor,capitol

• natural only

• labor only

Giving up one good or service for another

• opportunity cost

• demand

• supply

• trade-off

the cost of the next-best use of time or money when choosing to do one thing or another

• opportunity cost

• trade-off

• surplus

• shortage

people or businesses that provide goods or services

• consumers

• price

• producers

• supply

the amount of a good or service that people are willing and able to buy at various prices at a given time period

• supply

• shortage

• demand

• surplus

amount of a good or service producers are willing and able to sell over a range of prices

• demand

• supply

• producers

• consumers