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Duplicate of Products, Prices and People Flashcards | StudBud

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When two or more businesses 'fight' each other for customers, this is called...

In economics, scarcity refers to...

Duplicate of Products, Prices and People

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An overview quiz on the basics of economics, Year 7

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Questions 11

Answers

1
In economics, scarcity refers to...
Something that makes life better
The amount people want an object
A low supply of a given good or service
A scary city
2
When two or more businesses 'fight' each other for customers, this is called...
Competition
Compartmentalisation
Completion
Combination
3
Which of the following is an example of a 'Need'?
Water
Car
Ice Cream
Phone
4
Economics Can Most Accurately be Defined as...
The amount of a commodity available
A system of swapping one thing for another
Production, consumption and transfer of Money (wealth)
The study of how humans relate to each other
5
A body supplying goods and services is also known as...
A producer
A Market
An Entrepreneur
A consumer
6
In economics terms, a Consumer is...
Someone who supplies a good or service
Someone who buys and uses a good or service
Someone who shoplifts every Thursday
Someone who eats things
7
A cyclone destroying most of the banana crops in Australia would make the price of bananas...
be unaffected
Fall
Rise
explode
8
An Entrepreneur is someone who...
Starts a successful business
Sells Goats for a living
Has a lot of money
Is employed by a company
9
A company will reduce the price of jumpers in summer because...
Demand is low
Jumpers are lame
Supply is low
Demand is high
10
How much people want a good or service is known as...
Competition
Supply
Demons
Demand
11
Which of the following is an example of a service?
A Lawnmower
A Car
A Bicycle
A Haircut