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Economics Quiz
Economics Quiz
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Economics Quiz
Flashcards
14 cards
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Questions
14
Answers
1
If you give up something in order to get something else, this is ...
opportunity
resources
opportunity cost
cost
2
Maili spends $20 on a movie instead of buying a new outfit. What is her opportunity cost?
the outfit
the $20
the movie
the time she used
3
As the price of a product increases, the supply will...
decrease
stay the same
increase
4
As the price of a product increases, the demand will...
stay the same
decrease
increase
5
How much people want to buy something is called...
supply
goods
demand
services
6
The Law of Supply and Demand means that supply and demand are...
same
synonyms
opposite
antonyms
7
A resource that comes from nature, such as trees, water, and crops...
Capital Resource
Natural Resource
Human Resource
8
If something is difficult or hard to get it is...
a demand
scarce
a supply
quality
9
A resource that is a person, such as an employee, truck driver, or manager...
Natural Resource
Human Resource
Capital Resource
10
As the price of a product decreases, the supply will...
decrease
stay the same
increase
11
How much of something that is available is called...
demand
equilibrium point
price
supply
12
A good is...
what a person DOES for money
the amount of something for sell
some THING sold for money
how much people want something
13
A resource that is a manmade tool for business, such as a cash register, computer, or desk...
Human Resource
Natural Resource
Capital Resource
14
As the price of a product decreases, the demand will
decrease
stay the same
increase
