You have a large supply of your product. What will happen to the price?

It will go down because everyone can have one.

Which economic question does this answer? "I will use my own house and money to make the goods"

How should these goods/services be produced?

Which economic question does this answer? "I will sell my product to middle school students."

Who uses or consumes these goods and services?

Which economic question does this answer? "I will make a phone that is cheap and light."

What goods and services should be produced?

Which of these is NOT one of the three questions of economics?

Why should goods and services be made?

The study of how people meet their wants and needs.

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Economics Basics

12 termsStudBud Administration

A #review #quiz to help review #economics.

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Questions 12

Answers

1
Which of these is NOT an example of an incentive?
A Warranty
A Sale
A new product!
Buy One, Get One Free!
2
The price of what you give up is called:
Chance Cost
Opportunity price
Opportunity cost
Chance Price
3
You have a small supply of your product. What will happen to the price?
The cost to make it will go down.
The price will go down.
The price will go up.
The demand will go down.
4
Bobby buys a new iPhone 7 Plus. He is a:
Producer
Economist
Incentive
Consumer
5
There are 1,000,000 people who want to buy your product. This is the:
Incentive
Demand
Supply
Economy
6
You have a large supply of your product. What will happen to the price?
It will stay the same. Supply doesn't affect price.
It will go up because everyone can have one.
It will make the demand for the product less.
It will go down because everyone can have one.
7
Which economic question does this answer? "I will use my own house and money to make the goods"
Why should we make these goods/services?
Who will buy these goods/services?
How should these goods/services be produced?
What goods/services should be produced?
8
Which economic question does this answer? "I will sell my product to middle school students."
Why should we make these goods and services?
How should goods and services be produced?
What goods and services will be produced?
Who uses or consumes these goods and services?
9
Which economic question does this answer? "I will make a phone that is cheap and light."
Who will buy these goods/services?
Why should I make these goods/services?
What goods and services should be produced?
How should goods and services be produced?
10
Which of these is NOT one of the three questions of economics?
How should goods and services be produced?
What goods and services should be produced?
Why should goods and services be made?
Who uses or consumes those goods and services?
11
What do you call the people who make/supply goods?
Producers
Factory workers
Consumers
Businessmen
12
What is economics?
The study of to make a good business.
The study of money in one country.
The study of money.
The study of how people meet their wants and needs.

Economics Basics Flashcards | StudBud