Duplicate of Duplicate of Supply, Demand, Equilibrium, Goods, Services Quiz

If a lot of consumers want to buy a product, what should happen to the price?

Price of when consumers want a product is equal to the amount of that product the producer has.

Exporting is...

Zach enjoys experimenting, so he becomes a scientist. This is an example of...

When the price of a good or service increases, demand...

GDP refers to...

Which economic system involves a lot of competition for the best paying jobs?

Not having enough people available who can speak Spanishrefers to the scarcity of...

This economic system is based on the idea of sharing wealth equally, with benefits given through higher taxes.

Not having enough TVs on Black Friday is a scarcity of...

Importing is...

Good or service? Mail delivery.

Things that people make are known as...

The western coast of the United States makes a lot of computers. This is an example of...

Not having enough policemen available to respond to a crime is a scarcity of...

Which country has the healthiest economy?

The higher taxes in socialism go to the government so they can...

Which of the following is an example of a good? (more than one right answer)

The United States doesn't have oil. What should they do to get it?

True or false: Capitalism wants the government to be involved in distribution of wealth.

When the price of a good or service decreases, demand...

Good or service? A McDonald's cheeseburger.

In this type of economic system, the government controls everything, including distribution of wealth.

Not many people know how to program computers. This is a scarcity of...

The amount of a good or service that is available is known as...

Scarcity refers to...

Aaron lives in a place where the government is in charge of how much people make. This is an example of...

Which of the following is an example of a service (more than one right answer)?

Specialization refers to (more than one right answer)...

Actions that people perform for others are known as...

Import or export? The UK buys a bunch of computers from California.

If a producer has too large of a supply of a product for the demand, what will happen to price?

Import or export? The U.S. sells steel products to Iraq.

Which country had the highest GDP growth?