20 Multiple choice questions
Definition 1 of 20
Sum of those economic products that are tangible, scare, useful, and transferable
Risk
Wealth
Need
Labor
Definition 2 of 20
Worth that can be expressed in dollars and cents
Value
Need
Supply
Scarcity
Definition 3 of 20
Where factors of production are bought and sold
Product Market
Neither Factor Nor Output Markets
Demand Market
Factor Market
, Definition 4 of 20
Tangible item that is economically useful or that satisfies an economic want
Bad
Good
Poor
Need
Definition 5 of 20
A measure of the amount of goods and services produced with a given amount of resources in a
specific period of time
Consumption
Scarcity
Productivity
Need
Definition 6 of 20
Cost of the next best alternative use of money, time, or resources, when one choice is made
rather than another
Variable Cost
Opportunity Cost
Sunk Cost
Fixed Cost