All 29 vocab Words

A need is something you can't live without

• True
• False

Having a luxury car is something we would like to have but could live without it. This is an example of a

• Need
• Want
• Resource
• Demand

What is a demand?

• The amount producers are willing and able to make
• The amount consumers are willing and able to buy
• A heavy water-proof cloth, generally of tough canvas
• A fictional horse-like creature depicted with a horn and hooves

As one of the factors of production, this term means all the humans that work to produce goods and services

• Workers
• Capital
• Labor
• Scarcity

The term used when there is not enough of something to go around is __________________.

• Economic Choices
• Opportunity cost
• Resources
• Scarcity

In a local market, the amount of fruits available for sale is called?

• Supply

• Demand

• Producer

• Consumer

In a mixed economy you would have...

• An economy solely controlled by the government
• An economy that features one or more of the economic systems
• An economic system in which social roles and culture determine how goods are made, sold, and bought

The good or service that you give up when you make an economic choice is called _____________________.

• Opportunity Cost
• Economic Choice
• Economic specialization
• Economic interdependence

In the context of a bakery, what term is used to describe any factor that can be utilized in the baking of goods, including the baker's skills, ovens, and flour?

• Commodity

• Resource

• Product

• Market

What term describes the amount of money required to purchase goods and services, acting as a signal that influences the decisions of buyers and sellers in a market?

• Interest Rates
• Wages
• Prices
• Dividends