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On a supply and demand graph, what is the point where the supply and demand curves intersect?
Equilibrium
Surplus
Excess supply
Shortage
Which type of resource encompasses physical tools, machinery, and factories used in the production process?
Natural resources
Intellectual resources
Human resources
Capital resources
What is opportunity cost?
The monetary cost of a good or service.
The total cost of producing a good.
The cost of producing one more unit of a good.
The value of what you give up when choosing something else.
In economics, what are needs?
Luxuries that enhance quality of life.
Necessities required for basic human survival.
Desires that are not essential for survival.
Desires that are essential for social status.
What type of resources are the raw materials and elements that are extracted from the environment and used in the production of goods?
Natural resources
Cultural resources
Human resources
Capital resources
Which of the following would be considered a natural resource?
Lumber
Machinery
Tools
Truck driver
Which would result in a surplus in the market?
Price increases.
Price stability.
Quantity demanded is greater than quantity supplied.
Quantity supplied is greater than quantity demanded.
Which concept represents the problem of having unlimited wants and needs with limited resources?
Marginal benefit
Scarcity
Equilibrium
Opportunity cost
What is the correct definition of the Law of Supply?
As the price of a good decreases, producers are willing to supply more of it.
As the demand for a good increases, suppliers will automatically lower their prices.
The supply of goods remains constant regardless of price changes.
As the price of a good increases, producers are willing to supply more of it.
What is the correct definition of the Law of Demand?
Demand for a product always remains the same regardless of price.
When demand increases, supply automatically increases at the same rate.
As the price of a good decreases, consumers are less likely to buy it.
As the price of a good decreases, consumers are more likely to buy it.
What actually creates value in an economy?
Products & services
Caffeine
Money
Its education system
Money is nothing more than a _____________ for an economy.
discount
point system
product
business
