Economics Quiz I

a product which does not require any resources to

make it and so does not have an opportunity cost

human effort used in producing goods and services

spending on capital goods

desires for goods and services

risk bearing and key decision making in business

a person who bears the risks and makes the key decisions in a business

the best alternative forgone

an arrangement which brings buyers into contact with sellers

the study of the whole economy

the willingness and ability to buy a product