What must be given up in order to undertake any activity or economic exchange (what you could have done with the money you spend on that thing); 'opportunity lost'
Opportunity Cost
Consumers
Living Standards
Production Cost
2. Multiple Choice
30 seconds
1 pt
The quantity of a good or service that consumers are willing and able to buy at a particular price during a specific time period.
Demand
Supply
Price
Production Cost
3. Multiple Choice
30 seconds
1 pt
The amount of money expected, required, or given in payment for something.
Price
Demand
Supply
Production Cost
4. Multiple Choice
30 seconds
1 pt
The quantity of a good or service that producers are willing and able to offer for sale at a particular price during a specific time period.
Supply
Demand
Price
Production Cost
5. Multiple Choice
30 seconds
1 pt
Costs incurred by a business when manufacturing a good or producing a service (including raw material and labor)
Production Cost
Opportunity Cost
Trade
Microeconomics
6. Multiple Choice
30 seconds
1 pt
The increased movement between nations of trade, labour, investment, finance and technology. It means that countries are becoming more closely connected and affected by each other.
Globalisation
Macroeconomics
Microeconomics
Economic Model
7. Multiple Choice
30 seconds
1 pt
People whose wants are satisfied by consuming a good or service; people who purchase merchandise and services for personal use.
Consumers
Needs
Wants
Consumption
8. Multiple Choice
30 seconds
1 pt
Businesses that produce (not just sell) in more than one country; large businesses with a home base in one country but operate partially or wholly in other countries.
Multinational Corporations
Globalisation
Macroeconomics
Microeconomics
9. Multiple Choice
30 seconds
1 pt
The things considered necessary for survival: food, water, shelter, clothing
Needs
Wants
10. Multiple Choice
30 seconds
1 pt
Goods and services not considered necessary for survival.
Wants
Needs
11. Multiple Choice
30 seconds
1 pt
The final purchase of goods and services by individuals, i.e.: consumer spending.
Consumption
Trade
Price
Production Cost
12. Multiple Choice
30 seconds
1 pt
The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
Macroeconomics
Microeconomics
Economic Model
Globalisation
13. Multiple Choice
30 seconds
1 pt
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses.
Microeconomics
Macroeconomics
Economic Model
Globalisation
14. Multiple Choice
30 seconds
1 pt
The activity or process of buying, selling, or exchanging goods or services.
Trade
Supply & Demand
Outsourcing
Market
15. Multiple Choice
30 seconds
1 pt
A multinational corporation relocating a piece (or all) of its manufacturing operations to factories in other countries (usually developing countries) in order to save money or increase efficiency.
Outsourcing
Globalisation
Macroeconomics
Trade
16. Multiple Choice
30 seconds
1 pt
A simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future (frequently a visual e.g. circular flow diagram or PPF).
Economic Model
Globalisation
Economic Systems
Economics
17. Multiple Choice
30 seconds
1 pt
Costs associated with the actual production of good or services (raw materials + labour).
Production Cost
Supply
Demands
Supply & Demand
18. Multiple Choice
30 seconds
1 pt
The quality of peoples' lives compared between countries. This can relate to their ability to provide themselves with food, shelter, clothing, health care, education and other important needs and wants.
Living Standards
Needs
Wants
Consumers
19. Multiple Choice
30 seconds
1 pt
When a person, business, region or country focusses on producing a limited range of goods or services. Allows employees, businesses, regions and countries to focus on the products and services they are best at.
Specialization
Trade
Market
Economy
20. Multiple Choice
30 seconds
1 pt
A place (physical or abstract) where buyers and sellers come together to engage in exchanges with one another.