Greg's Economics Quiz

What is the  formula for calculating how much money your business makes?

What do you call the study of how people and businesses uses resources to make or lose money?

When something is made in another country and sent to our country to be bought it is an...

If you are retired (like Grandpa) or you don't want a job outside your home you are...

The people needed to run a business (aka employees and workers) are...

What do you call the money your company spends to buy the stuff it needs?

An item of value.  Something you can see or touch. 

How much of a good (product, item, thing) or a service is available is called...

How does competition among sellers affect buyers?

What do you call how much people want a service or good?

The cost of the people who work for you.  The money you spend paying your employees is your ...

How is price affected when sellers (like Walmart and Meijer) compete?

What do you call anything that is useful to a person or a business?

A type or category of business such as the food ___, the construction ___, the auto ___,

When there is high demand for a product and a low supply of that product, the price should

The equipment, tools, buildings, vehicles and money that your business needs are...

What do you call the thing you give up whenever you make a decision?

What do you call the money you have left over after you pay your expenses?

When there isn't much of a product or service available, we that that product or service is ...

When you make something and send it away to another country to be sold it is an...

When there is a high supply of a product and low demand for that product the price should

If you have a job you are...

The price of a service is very high. What can you infer about its supply and demand?

What do you call the money that comes in to your business?

Things from nature that are useful to a business such as wood, gas, oil and water are...

If you want a job but can't find one you are...

When people spend money, other people make money is an example of...

Process of making a good using human, natural and capital resources - often done in a factory. 

Work done to help others such as cleaning houses, repairing cars, teaching, healing people 

Positive or negative things(such as coupons and fines) that affect the behavior of people.