E11

Question 1

Demand

Answer 1

Quantity of a good or service that consumers are willing to buy at a particular price

Question 2

Opportunity cost

Answer 2

Giving up the highest value object or activity for another

Question 3

Supply

Answer 3

Quantity of a good or service that businesses will offer at a particular price

Question 4

Market

Answer 4

Formed when buyers and sellers come together

Question 5

Market price

Answer 5

Determined by how much buyers are prepared to pay and the price businesses need to be paid to cover their costs

Question 6

Monopoly

Answer 6

Where there is one firm selling in the market

Question 7

Equilibrium

Answer 7

Where demand and supply meet

Question 8

Needs

Answer 8

What you think are important things that are essential in your life

Question 9

Wants

Answer 9

Things that u like but can survive without

Question 10

Choice

Answer 10

Being able to make decisions

Question 11

Scarcity

Answer 11

Limited or not enough resources

Question 12

Basic economic problem

Answer 12

Human wants and needs are unlimited and resources are finite and can not satisfy these needs and wants

Question 13

Productivity

Answer 13

Output per worker per period of time

Question 14

Income

Answer 14

Total money from a persons wages, interest and dividends

Question 15

Dividends

Answer 15

Money shareholders get back