Economics Preteach Quiz

The process of choosing one good or service over another:

• Free enterprise

• Opportunity Cost

• Service

• Loss

The money that the government collects from individuals and businesses to pay for public goods and services:

• taxes

• services

• profit

• supply

When there is a limited amount of something:

• loss

• supply

• scarcity

• specialization

A person who comes up with a product or service, or a better way to produce one

• service

• taxes

• barter

• entrepreneur

When the amount of money a person or company spends is more than the receive or take in

• loss

• profit

• free enterprise

• barter

anyone who buys a good or service

• entrepreneur

• producer

• consumer

• service

when people depend on one another

• service

• good

• consumer

• interdependence

the positive gain from an investment or business after subtracting expenses

• good

• profit

• demand

• consumer

the amount of something available for use

• supply

• demand

• service

• scarcity

something you can feel or any kind of merchandise

• good

• service

• loss

• profit