Question

Drag each tile to the correct box. Which of the following terms are associated with economics?

1) opportunity cost
2) supply and demand
3) services
4) goods
5) factors of production

Answer 1

Opportunity cost, supply and demand, services, goods, and factors of production are terms associated with economics.

Step-by-step explanation:

The terms associated with economics are:

1. Opportunity cost: the value of goods and services that are given up in order to obtain an alternative good or service.
2. Supply and demand: the relationship between the quantity of a good that producers are willing to sell and the quantity that consumers are willing to buy at different prices.
3. Services: actions or tasks performed by individuals or businesses for the benefit of others.
4. Goods: tangible objects that satisfy people's needs and wants.
5. Factors of production: the resources needed to produce goods and services, including land, labor, capital, and entrepreneurship.