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Saylor Final PASSED Exam Questions and CORRECT Answers

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Economics - The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants Scarcity - The situation of not having enough resources to satisfy all one's wants. Economic Systems - A nation's way of producing things its people need and want Opportunity Cost - cost of the next-best use of time or money when choosing to do one thing or another Revenue - is the money a business receives from selling its goods and services Demand - is the amount of good or service that people (consumers) are willing and able to buy at various prices during a given time period

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