FREE ECONOMICS AND STUDY GAMES ABOUT 2.02 KEY

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FREE ECONOMICS AND STUDY GAMES ABOUT 2.02 KEY

TERMS EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -32 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Noneconomic want

Answer:

Desires for things that can be obtained without spending money

Question 2: Consumer goods and services

Answer:

Products produced for personal consumption Consumption: The process or activity of using goods and services; The economic process or activity of using goods and services

Question 3: Factors of production

Answer:

Productive resources; human and natural resources and capital goods

Question 4: Supply

Answer:

The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period

Question 5: Elastic demand

Answer:

A form of demand for products in which changes in price correspond to changes in demand

Question 6: Demand

Answer:

The quantity of a good or service that buyers are ready to buy at a given price at a particular time

Question 7: Want

Answer:

A desire for something that is not required

Question 8: Industrial good and services

Answer:

Products purchased by producers for resale, to make other goods and services, and/or to use in business operations

Question 9: Capital goods

Answer:

Manufactured or constructed items that are used in the production of goods and services

Question 10: Equilibrium

Answer:

The point at which the quantity supplied is equal to the quantity demanded

Question 11: Exchange

Answer:

The economic process of trading one good/service for another

Question 12: Elasticity

Answer:

An indication of how changes in price will affect changes in the amounts demanded and supplied

Question 13: Opportunity cost

Answer:

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another

Question 14: Economic services

Answer:

Productive acts that are useful, scarce, and transferable and which satisfy economic wants

Question 15: Production

Answer:

The economic process or activity of producing goods and services

Question 16: Law of supply

Answer:

Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price

Question 17: Price

Answer:

The amount of money paid for a good, service, or resource

Question 18: Economic resources

Answer:

The human and natural resources and capital goods used to produce goods and services

Question 19: Natural resources

Answer:

Items found in nature that are used to produce goods and services

Question 20: Excess supply

Answer:

The situation that exists when supply is greater than demand

Question 21: Economic goods

Answer:

Physical objects that are useful, scarce, and transferable and which satisfy economic wants

Question 22: Excess demand

Answer:

The situation that exists when demand is greater than supply

Question 23: Inelastic demand

Answer:

A form of demand in which changes in price do not affect demand

Question 24: Scarcity

Answer:

A condition resulting from the gap between limited resources and unlimited wants for goods and services

Question 25: Economic want

Answer:

A desire for something that can only be satisfied by spending money

Question 26: Trade-off

Answer:

Giving up all or a part of one thing in order to get something else

Question 27: 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

Question 28: Need

Answer:

Something required or essential that is lacking