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Introducing new Paper mode
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12 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Naturally occurring resources -
Natural
Human
Capital
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.
Resources such as tools, machinery, and money used in the production process -
Human
Capital
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.
People who proved the labor in exchange for income -
Human Resources
Entrepreneurship Resources
- Multiple ChoicePlease save your changes before editing any questions.
The inability to satisfy all wants at the same time -
producer
consumer
scarcity
supply
- Multiple ChoicePlease save your changes before editing any questions.
Someone who provides a good or service is a -
consumer
producer
- Multiple ChoicePlease save your changes before editing any questions.
Someone who purchases goods and services -
consumer
producer
demand
- Multiple ChoicePlease save your changes before editing any questions.
Consumers determine through purchases what goods and services will be produced is -
competition
consumer sovereignty
incentives
- Multiple ChoicePlease save your changes before editing any questions.
This forces producers to produce better quality goods and services -
incentives
competition
opportunity cost
- Multiple ChoicePlease save your changes before editing any questions.
Used by sellers to motivate consumers to make different choices -
incentives
supply
consumption
- Multiple ChoicePlease save your changes before editing any questions.
What is given up whenever a choice is made - the next best alternative is called -
consumption
opportunity cost
free enterprise
- Multiple ChoicePlease save your changes before editing any questions.
What is determined by the interaction of supply and demand?
price
profit motive
demand
- Multiple ChoicePlease save your changes before editing any questions.
The point where supply and demand meet is called -
law of demand
law of supply
equilibrium price