front 1 The process or activity of using goods and services; The economic process or activity of using goods and services. | back 1 Consumption |
front 2 The economic process or activity by which income is divided among resource owners and producers. | back 2 Distribution |
front 3 Physical objects that are useful, scarce, and transferable and which satisfy economic wants. | back 3 Economic Goods |
front 4 The human and natural resources and capital goods used to produce goods and services (also called factors of production) | back 4 Economic Resources |
front 5 Productive acts that are useful, scarce, and transferable and which satisfy economic wants. | back 5 Economic Services |
front 6 A desire for something that can only be satisfied by spending money. | back 6 Economic Want |
front 7 The study of how to meet unlimited, competing wants with limited resources. | back 7 Economics |
front 8 A form of demand for products in which changes in price correspond to changes in demand. | back 8 Elastic demand |
front 9 An indication of how changes in price will affect changes in the amounts demanded and supplied. | back 9 Elasticity |
front 10 The point at which the quantity supplied is equal to the quantity demanded. | back 10 Equilibrium |
front 11 The situation that exists when demand is greater than supply. | back 11 Excess Demand |
front 12 The situation that exists when supply is greater than demand. | back 12 Excess Supply |
front 13 The economic process of trading one good/service for another. | back 13 Exchange |
front 14 Productive resources; human and natural resources and capital goods (also known as economic resources) | back 14 Factors of production |
front 15 People who work to produce goods and services. | back 15 Human resources |
front 16 Products purchased by producers for resale, to make other goods and services, and/or to use in business operations. | back 16 industrial goods and services |
front 17 A form of demand in which changes in price do not affect demand. | back 17 Inelastic demand |
front 18 Economic principle which states that the quantity of a good/service that people will buy varies inversely with the price. | back 18 Law of demand |
front 19 Economic principle stating that the quantity of a good/service that will be offered for sale varies in relation price. | back 19 Law of supply |
front 20 Economic principle stating that supply of a good/service will increase when demand is great & decrease when demand is low. | back 20 Law & Supply of Demand |
front 21 The benefit that is lost when you decide to use scarce resources for one purpose rather than for another. | back 21 Opportunity cost |
front 22 Giving up all or a part of one thing in order to get something else. | back 22 Trade off |
front 23 A condition resulting from the gap between limited resources and unlimited wants for goods and services. | back 23 Scarcity |
front 24 The amount of money paid for a good, service, or resource. | back 24 Price |
front 25 The heart of economics is. | back 25 Decision making |
front 26 Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example | back 26 Demand |
front 27 Which of the following is characteristic of a seller’s market: | back 27 High Prices |
front 28 Marc wants to figure out how much changes in price will affect his business’s sales, so he pays attention to | back 28 Elasticity |
front 29 Which of the following might cause supply of a good to decrease: | back 29 Government regulations |
front 30 What usually happens to the demand for a good or service when the price increases? | back 30 It decreases |
front 31 What do producers often do when supply is greater than demand? | back 31 Lower prices |
front 32 Any factor that causes changes in supply and demand will cause changes in | back 32 Price |
front 33 Excess demand and excess supply cause changes in | back 33 Market price |