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