Name: Score:
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
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
