Module 5 Economics G8 G9

The main problem in economics is

• Scarcity

• Money

• Globalization

• People

The value of something given up in a choice or tradeoff is called the

• factors of production

• opportunity cost

• profit

• scarcity

Unlimited human wants create ____________________ in the world because

of limited resources.

• profit

• scarcity

• opportunity cost

• economy

A nation’s _______________ is its system of producing, selling, and buying

goods and services.

• scarcity

• profit

• economy

• supply

The money an individual or business has left after paying expenses is called

• profit

• supply

• demand

• economics

Nations that rely on trade with one another for supplies of scarce resources

experience ________________________.

• economic interdepence

• profit

• scarcity

• economy

when you want to go to a movie and buy music but you only

have enough money for one thing or the other, this is called.....

• opportunity cost

• profit

• supply

• demand

Natural resources, labor, capital, and entrepreneurs relate to one

another through ....

• factors of production

• supply

• demand

• profit

Businesses known as ______________________ make finished products from raw materials.

• manufacturing industries

• retail industries

• service business

In a _____________________, few limits are placed on business activities.

• command economy

• free enterprise system

• developing nations

• traditional economy