Best price possible, Free Stuff

Opportunity Cost refers to....

What we give up in order to get something

the price of a product based on supply & demand, where demand meets supply

studbud

ECONOMICS: The Bare Basics

24 termsStudBud Administration30 plays

BASIC ECONOMIC CONCEPTS FOR JUNIOR SECONDARY

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
The system that provides us with the goods & services we need and want is the
Solar system
manufacturing sector
economy
natural environment
2
A good example of a need is
soft drink
good wifi
food
the latest clothing fashions
3
Which of these is a want
a simple meal of meat & vegetables
a roof that doesn't leak water when it rains
a pair of Nike Kobe Xs
a warm jacket in winter
4
Which of the following is a need
Beer
Clean water
Coffee
Coca Cola
5
Consumers want ....
Best price possible
Free Stuff
To have all the toilet paper the can buy
Food, Shelter and XBox
6
Which of the following are needs
food & drink
shelter
clothing
all of them
7
Manufacturing provides us with
goods
services
meat
all of these
8
A service is
is some paid work someone does for someone else
are intangible
the performance of any duties or work for another
all of these
9
Why is air not on the needs list, after all it is essential for us to exist??!!!
all of these
the oxygen in the air we pay taxes for
it is free, provided by nature
the government supplys it
10
Opportunity Cost refers to....
Supply and Demand
What we give up in order to get something
all of these
the cost of goods & services
11
Scarcity happens because we have...
All of the above
Unlimited Wants
Limited Resources
Unlimited Needs
12
Demand can shift because
A natural disaster or crisis occurs
change in Price
All of the above
Change in consumer expectations
13
"Humans" is one of our resources ?
False
True
14
Agriculture provides us with
food and other useful products
all of these
useful services
only food
15
Our needs are limited, but most people have _____________________________ wants
all of these
unlimited
numerous
many
16
Three basic resources are
Food, Shelter and Clothing
all the 'thing's you want provided
Natural, Capital & Human
Computers, Cars & iphones
17
Wants are the 'things' we'd like to have/use or consume but
aren't essential for our survival
all of these
give us a more fulfilling life
make our lives more interesting
18
Businesses want to sell at the lowest price ?
False
True
19
Equilibrium is ...
when demand is high
the price of a product based on supply & demand
when prices are low
where demand meets supply
20
Supply can be affected by....
changes in Technology
changes in resources
change in the number of suppliers
all of these
21
A good
has a physical presence
is tangible (squeeze it)
can be seen
all of these
22
Needs are the 'things'
essential to our survival
presents we get from family & friends
all of these
provided to us by the government
23
This is an example of a
good
agricultural production
service
fishing
24
Economics is essentially about the _______________ ______________ of goods & services
production & consumption
all of these
creation & distribution
making & supply

ECONOMICS: The Bare Basics Flashcards | StudBud