Fundamental Concepts of Economics Quiz

A purpose/objective.

Basic requirements for human survival.

<p>Goods that are purchased to add comfort or pleasure to life.</p> Signup and view all the answers

<p>A situation in which quantity supplied is greater than quantity demanded.</p> Signup and view all the answers

<p>Accomplishments that may take several months to several years.</p> Signup and view all the answers

<p>Accomplishments in a small amount of time.</p> Signup and view all the answers

<p>Cost of the next best alternative use of money, time, or resources.</p> Signup and view all the answers

<p>The price that balances quantity supplied and quantity demanded.</p> Signup and view all the answers

<p>A source or supply or support.</p> Signup and view all the answers

<p>The study of how societies decide what to produce, how to produce it, and how to distribute what they produce.</p> Signup and view all the answers

<p>An economy based on customs and traditions.</p> Signup and view all the answers

<p>An economic system controlled by a strong, centralized government.</p> Signup and view all the answers

<p>An economy that allocates resources through decentralized decisions.</p> Signup and view all the answers

<p>An economy in which private enterprise exists alongside government regulation.</p> Signup and view all the answers

<p>A situation in which unlimited wants exceed limited resources.</p> Signup and view all the answers

<p>Consumer willingness and ability to buy products.</p> Signup and view all the answers

<p>A stock of a resource from which a person or place can be provided.</p> Signup and view all the answers

<p>A plan for making and spending money.</p> Signup and view all the answers

<p>Costs that do not change in total but can decrease on a per unit basis.</p> Signup and view all the answers

<p>Costs that do not stay the same, such as utilities, clothes, and food.</p> Signup and view all the answers

<p>Goods that are not necessary for life; they make life more enjoyable.</p> Signup and view all the answers

<p>A payment from profits by a company's Board of Directors to shareholders.</p> Signup and view all the answers

<p>An arrangement to receive cash, goods, or services now and pay for them later.</p> Signup and view all the answers

<p>A loan that is backed up by collateral.</p> Signup and view all the answers

<p>A loan guaranteed only by a promise to repay it.</p> Signup and view all the answers

<p>A security pledged for the repayment of a loan.</p> Signup and view all the answers