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Economics basics Flashcards | StudBud
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Economics basics
Demand means
A resource is____
Economics basics
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Questions
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Answers
1
A resource is____
The same thing as a service
A thing made out of goods/services
Anything needed to produce a good/service
2
Demand means
None of the above
The price demanded by consumers
The want/need/desire for a product that is backed by an ability to pay
The amount of the good or service
3
Good advertising causes demand to go down
False
True
4
The amount a good/service that consumers are willing to buy
A substitute good
A complementary good
Price
Demand
5
Economics
The study of gardening
The study of how we feel
A fun class on fictional things
The study of things that are bought and sold
6
What is a service
None of the above
A job/activity that helps someone that hired you for payment
A free, nice thing that you do for a friend
A product you can buy
7
What is profit
The difference between the amount spent and money earned
The money you lose during production
8
Causes of increased demand
Increased income
Expectations that prices will rise
All of the above
Good advertising
9
What is a good
An object a person can buy or sell
An unattainable thing
A feeling that we have
10
What is the demand curve
The relationship between demand and price
A useless curve we never use
The relationship between consumers and sellers
The relationship between the cost and supply
