Econ Unit 2 Vocabulary Quiz: Microeconomics

This happens when people or businesses really react to price changes by buying more or less.

• Consumer Choice

• Inelastic

• Elastic

• Elasticity

This is when people or businesses don't react as much to price changes; they keep buying about the same amount.

• a) Inelastic

• b) Elastic

• c) Consumer Choice

• d) Elasticity

Land, labor, and capital; the three groups of resources that are used to make all goods and services.

• Consumer Choice

• Production Costs

• Market Equilibrium

• Factors of Production

How much people change their buying or selling when prices change.

• Utility

• Contractility

• Extensibility

• Elasticity

A place or system where buyers and sellers come together to exchange goods and services.

A person who buys and uses goods and services.

A person or company that makes goods or provides services to meet the needs and wants of

consumers.

When demand is the same as supply, so prices stay steady, and there are no shortages or surpluses.

Match the following

• Production Costs

• The process where individuals decide which goods and

  services to purchase

• Microeconomics

• The study of how people, businesses, and markets work

  individually.

• Entrepreneurship

• The total costs involved in the production process

• Consumer Choice

• the process of starting and running a business