End of Unit Race - Economics

Question 1

The tools (tools, money, buildings) that people use to produce goods and services

Accepted Answer

physical capital

Question 2

The law of demand is...

Accepted Answer

Demand goes up when it’s cheap

Question 3

I have to make a choice of how to spend my money, The thing I do not pick is called the

Accepted Answer

Opportunity Cost

Question 4

Equilibrium occurs when...

Accepted Answer

Consumers and producers happy about the product

Question 5

Natural Resources

Accepted Answer

Land

Question 6

Resources are limited but wants are unlimited =

Accepted Answer

Scarcity

Question 7

Prices in a free market are largely determined by

Accepted Answer

Supply and Demand, marketing mix

Question 8

Economics is the study of...

Accepted Answer

All of the above

Question 9

The work that people do

Accepted Answer

labor

Question 10

Macroeconomics is to a hotel as Microeconomics is to the

Accepted Answer

the rooms

Question 11

The law of supply is...

Accepted Answer

Cheap price, supplier produces less

Question 12

When the share market is doing well, it is called a...

Accepted Answer

Bull market

Question 13

The knowledge and skills people use to produce a good or service

Accepted Answer

human capital

Question 14

The total value of all goods and services produced in a country

Accepted Answer

Gross Domestic Product (GDP)

Question 15

The economic circular flow diagram consists of...

Accepted Answer

Households and Firms

Questions 15