What is the financial gain made in transactions?
Scarcity
Resource
Wage
Profit
What is an economic or productive factor required to accomplish an activity?
Resource
Traditional System
Specialization
Wage
What is the economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services?
Capitalism
Traditional System
Barter System
Socialism
What is financial compensation in exchange for labour called?
The formal organization of producers that agree to coordinate prices and production is called?
Traditional System
Corporation
Command System
Cartel
What are the two goods that are bought and used together?
Monopolistic Competition
Efficiency
Market System
Complementary Goods
The legal entity owned by individual stockholders is termed as?
Specialization
Corporation
Capital
Free Enterprise
The desire to own something and the ability to pay for it is called?
Cartel
Demand
Opportunity Cost
Capital
The measure used to determine how consumers react to a change in price is termed as what?
Equilibrium Price
Elasticity
Marginal
Scarcity
The point at which the quantity demanded and the quantity supplied are equal is called?
Production Possibilities
Elasticity
Efficiency
Equilibrium Price
