Economics Terms Definitions
12 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the difference between a need and a want?

  • A need is something you have to buy, while a want is something you can choose to buy.
  • A need and a want are the same thing, just different words for the same concept.
  • A need is something you cannot live without, while a want is something you would like to have but don't necessarily need to survive. (correct)
  • A need is something you want, while a want is something you need to survive.
  • Which of the following is an example of a capital resource?

  • Sunshine
  • A computer (correct)
  • A carpenter
  • Water
  • What is the opportunity cost of choosing to buy a new car?

  • The cost of the car itself
  • The time it takes to research and purchase the car
  • The money you could have saved instead
  • The other things you could have bought with the same amount of money (correct)
  • Which of the following is an example of a service?

    <p>A haircut</p> Signup and view all the answers

    What is the difference between an import and an export?

    <p>Imports are goods purchased from other countries, while exports are goods sold to other countries.</p> Signup and view all the answers

    What is the relationship between supply and demand?

    <p>Supply and demand are inversely related, meaning that as supply increases, demand decreases.</p> Signup and view all the answers

    What economic concept refers to the freedom of private businesses without government control?

    <p>Market economy</p> Signup and view all the answers

    Which term describes businesses that make or sell similar products?

    <p>Industry</p> Signup and view all the answers

    What does the term 'voluntary exchange' refer to in an economy?

    <p>Exchanging goods or currency willingly</p> Signup and view all the answers

    Which invention is attributed to Thomas Edison?

    <p>Lightbulb</p> Signup and view all the answers

    What does industrialization involve?

    <p>Building more factories and increasing production speed</p> Signup and view all the answers

    What is the primary purpose of a price system in a market?

    <p>Show how much customers value goods</p> Signup and view all the answers

    More Like This

    Business Definition Quiz
    20 questions
    Vocabulary Definitions Quiz
    15 questions
    Economics Vocabulary Section I
    85 questions
    Use Quizgecko on...
    Browser
    Browser