Question

1.

Scarcity
2.
Aggregate Supply
3.
Market
4.
Revenue
5.
Aggregate Demand
6.
Macroeconomics
7.
Deficit
8.
Economics
9.
Aggregate
10.
Opportunity Cost
11.
Labor Force
12.
Incentive
13.
Surplus
14.
Microeconomics
15.
Gross Domestic Product (GDP)
a.
The income a society needs to operate its economic system (usually comes from taxes)
b.
When there is extra revenue in a budget than is needed for expenditures
c.
The study of individual economic actors. For example: how individuals, households, or businesses interact economically
d.
The group of buyers and sellers involved with a particular resource or product
e.
When there is a shortfall in revenue (not enough income to meet a budget – usually a shortfall of tax revenue)
f.
The total number of goods an services available in a society
g.
What must be given up in order to gain something else
h.
The study of how a society manages its scarce resources
i.
The dollar value of all the goods and services produced by a country (usually measured each year)
j.
The total number of employed and unemployed people in an economy
k.
A total of something made up of smaller parts put together
l.
The total amount of goods and services that will be purchased in an economy
m.
Whatever makes a person act or choose
n.
The study of large economic systems and how their decisions affect issues such as unemployment, price, and trade
o.
The limited amount of necessary or desired resources

Answer 1

1. o. The limited amount of necessary or desired resources

2. f. The total number of goods and services available in a society

3. d. The group of buyers and sellers involved with a particular resource or product

4. m. Whatever makes a person act or choose

5. l. The total amount of goods and services that will be purchased in an economy

6. n. The study of large economic systems and how their decisions affect issues such as unemployment, price, and trade

7. e. When there is a shortfall in revenue (not enough income to meet a budget – usually a shortfall of tax revenue)

8. h. The study of how a society manages its scarce resources

9. k. A total of something made up of smaller parts put together

10. g. What must be given up in order to gain something else

11. j. The total number of employed and unemployed people in an economy

12. i. The dollar value of all the goods and services produced by a country (usually measured each year)

13. b. When there is extra revenue in a budget than is needed for expenditures

14. c. The study of individual economic actors. For example: how individuals, households, or businesses interact economically

15. a. The income a society needs to operate its economic system (usually comes from taxes)