Final Exam Review

What word is defined as the study of the choices individuals make in production, distribution, and consumption of goods?

• economics

• supply

• goods

• demand

The quantity or how much the market can provide is known as ______________

• Demand

• Scarcity

• Supply

• Surplus

The point at which supply meets demand is known as ___________.

• Equilibrium Point

• Point Equation

• Relativity

• Surplus

The amount of a product or service is desired by buyers is known as ______________.

• Demand

• Scarcity

• Supply

• Surplus

A market situation where there are a few competing firms is known as a monopoly.

• True

• False

Supply meets demand at the equilibrium point.

• True

• False

A _______________ is a market situation where there is only one producer who controls the supply of a good or service.

• Oligopoly

• Monopoly

• GDP

• Competition

The amount of an asset or resource that exceeds the amount that is utilized.

• Demand

• Scarcity

• Supply

• Surplus

House: Goods or Service?

• Goods
• Service

The gap between limited resources and unlimited wants is known as ______________.

• Demand

• Scarcity

• Supply

• Surplus