Gen Bus ch 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economic resources are sometimes referred to as | factors of production
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| The point where supply and demand are equal is called the | market clearing price
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| The rivalry among businesses to sell their goods and services is called | competition
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| The process of choosing which wants, among several options, to be satisfied is called | economic decision making
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| Which type of economy produces goods and services the way they always have | traditional
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| Raw materials from supplied by nature are which type of resource | natural
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| Not having enough resources to satisfy every need is | scarcity
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| When you give up something to have something else | tradeoff
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| The value of the next best alternative that you did not choose is called | opportunity cost
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| A type of economic system where the government controls the resources | command
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Created by:
rmehrhoff
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