Economics
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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| scarcity | when there are not enough goods and services to meet demand
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| opportunity cost | the second-best alternative (or the value of that alternative) that must be given up
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| economics | the study of how individuals and societies use their scarce resources to get goods and services
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| economic system | an organized way a society uses to produce, distribute, and consume goods and services
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| monopoly | a situation in which one company controls an industry or is the only provider of a product or service
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| tariff | a tax on imported goods
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| consumer | someone who buys goods or services
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| producer | someone who makes goods or provides services
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| income | money people earn by working
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| circular flow | the pattern in which goods and services, resources, and money flow in a market economy
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| supply | the amount of a product or service that is available for consumers to buy
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| demand | how much of a product or service consumers are willing and able to buy
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| substitute good | a good that can be used in place of another good
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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