G824

What is Economics?

• The study of history

• The study of biology

• The study of literature

• The study of scarcity

What is the main source or supply from which a benefit is produced?

• Capital

• Land

• Labor

• Money

What is the value of the second best option a person sacrifices when they choose one option over another?

• Trade-off

• Opportunity cost

• Demand

• Supply

What is the act of organizing and combining the factors of production to create goods and services?

• Capital

• Entrepreneurship

• Land

• Labor

What is the law that states there is an inverse relationship between price and quantity demanded?

• Law of Supply

• Law of Demand

• Law of Opportunity Cost

• Law of Production

What is the price that balances supply and demand in a market?

• Demand Price

• Supply Price

• Market Price

• Equilibrium Price

What is anything that is generally accepted in payment for goods and services?

• Wealth

• Income

• Money

• Capital

Which type of money has no other important uses and serves as money?

• Virtual Money

• Digital Money

• Fiat Money

• Commodity Money

What is the financial intermediary that connects savers with borrowers?

• Central Bank

• Investment Bank

• Credit Union

• Commercial Bank

What type of payment involves workers being paid depending on how many products they make?

• Piece rate payment

• Performance-related payments

• Time rate payment

• Salary