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

What goods and services should 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 of these is NOT one of the three questions of economics?

Why should goods and services be made?

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?

The study of how people meet their wants and needs.

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Economics Basics

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A #review #quiz to help review #economics.

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Questions 15

Answers

1
There are 1,000,000 people who want to buy your product. This is the:
Economy
Supply
Demand
Incentive
2
Which economic question does this answer? "I will make a phone that is cheap and light."
Who will buy these goods/services?
What goods and services should be produced?
Why should I make these goods/services?
How should goods and services be produced?
3
Which of these is a citizen's responsibility?
The right to publicly gather.
The right to free speech
The right to write what you want.
The right to vote
4
You have a small supply of your product. What will happen to the price?
The price will go up.
The demand will go down.
The price will go down.
The cost to make it will go down.
5
Which economic question does this answer? "I will sell my product to middle school students."
How should goods and services be produced?
What goods and services will be produced?
Why should we make these goods and services?
Who uses or consumes these goods and services?
6
Which of these is NOT an example of an incentive?
A Sale
A new product!
Buy One, Get One Free!
A Warranty
7
Which of these is NOT one of the three questions of economics?
What goods and services should be produced?
How should goods and services be produced?
Who uses or consumes those goods and services?
Why should goods and services be made?
8
What do you call the people who make/supply goods?
Producers
Businessmen
Consumers
Factory workers
9
You have a large supply of your product. What will happen to the price?
It will make the demand for the product less.
It will go up because everyone can have one.
It will stay the same. Supply doesn't affect price.
It will go down because everyone can have one.
10
Bobby buys a new iPhone 7 Plus. He is a:
Producer
Consumer
Economist
Incentive
11
The price of what you give up is called:
Chance Price
Chance Cost
Opportunity cost
Opportunity price
12
Which economic question does this answer? "I will use my own house and money to make the goods"
Who will buy these goods/services?
How should these goods/services be produced?
Why should we make these goods/services?
What goods/services should be produced?
13
What do you call someone who is a legal member of a country.
Townsperson
Congressman
Citizen
Governor
14
Which of these is a RIGHT of citizens?
The right to free speech.
The right to study English.
The right to drive a car.
The right to travel abroad.
15
What is economics?
The study of money.
The study of to make a good business.
The study of money in one country.
The study of how people meet their wants and needs.

Economics Basics Flashcards | StudBud