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FREE AND STUDY GAMES ABOUT VOC 2.02 EXAM
QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -33 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Trade-off:
Answer:
Giving up all or a part of one thing in order to get something else.Question 2: Economic services:
Answer:
Economic services: Productive acts that are useful, scarce, and transferable
and which satisfy economic wants.Question 3: Excess demand:
Answer:
The situation that exists when demand is greater than supply.Question 4: :Price
Answer:
The amount of money paid for a good, service, or resource.
Question 5: Consumption:
Answer:
The process or activity of using goods and services; the economic process or activity of using goods and services.
Question 6: Equilibrium
Answer:
The point at which the quantity supplied is equal to the quantity demanded.Question 7: Industrial goods and services:
Answer:
Industrial goods and services: Products purchased by producers for resale, to
make other goods and services, and/or to use in business operations.Question 8: Economic goods:
Answer:
Physical objects that are useful, scarce, and transferable and which satisfy economic wants.Question 9: Economic want:
Answer:
A desire for something that can only be satisfied by spending money.
Question 10: Elastic demand
Answer:
Elastic demand: A form of demand for products in which changes in price
correspond to changes in demand.Question 11: Natural resources:
Answer:
Items found in nature that are used to produce goods and services.
Question 12: Economics:
Answer:
The study of how to meet unlimited, competing wants with limited resources.
Question 13: Exchange
Answer:
The economic process of trading one good/service for another.Question 14: Law of demand:
Answer:
Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.Question 15: Need:
Answer:
Something required or essential that is lacking.Question 16: Human resources:
Answer:
People who work to produce goods and services.Question 17: Want:
Answer:
A desire for something that is not required.Question 18: Opportunity cost:
Answer:
The benefit that is lost when you decide to use scarce resources for one purpose rather than for another.Question 19: Demand:
Answer:
The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
Question 20: Distribution:
Answer:
The economic process or activity by which income is divided among resource owners and producers.
Question 21: Consumer goods and services
Answer:
Products produced for personal consumption.Question 22: Elasticity:
Answer:
An indication of how changes in price will affect changes in the amounts demanded and supplied.Question 23: Industrial goods and services:
Answer:
Products purchased by producers for resale, to make other goods and services, and/or to use in business operations.Question 24: Factors of production:
Answer:
Productive resources; human and natural resources and capital goods.Question 25: Excess supply:
Answer:
Excess supply: The situation that exists when supply is greater than demand.
Question 26: Law of supply and demand:
Answer:
Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low.
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