Economics

Question 1

The people who make goods using product resources are:

Accepted Answer

producers

Question 2

Christina buys chocolate milk instead of chips. Which is her opportunity cost?

Accepted Answer

chips

Question 3

There are not enough taxis available for all of the people leaving the party. The taxis are

Accepted Answer

scarce

Question 4

Alex buys a pie from the bakery. This took place on a

Accepted Answer

market

Question 5

When a country or state chooses a few items to become really good at producing

Accepted Answer

specialize

Question 6

People work to earn a paycheck which is called their

Accepted Answer

income

Question 7

Billy paid Timmy for football lessons. Who is the producer?

Accepted Answer

Timmy

Question 8

Which state would specialize in pineapples?

Accepted Answer

Hawaii

Question 9

Skylar made a bracelet and sold it to Zoey. Who is the consumer?

Accepted Answer

Zoey

Question 10

McDonald's sells hamburgers instead of hot dogs. What is their opportunity cost?

Accepted Answer

hot dogs

Question 11

9 people want to buy chips but there are only 7 bags. 7 bags is the

Accepted Answer

supply

Question 12

Who purchases goods and services?

Accepted Answer

consumers

Question 13

The amount of goods for sale is

Accepted Answer

supply

Question 14

14 people want to buy pencils but the store only has 5 packs. The 14 people are the

Accepted Answer

demand

Question 15

Ethan decided to buy a book instead of a candy bar. The candy bar is his

Accepted Answer

opportunity cost

Question 16

Ramir makes $10 for mowing the lawn. $10 is his

Accepted Answer

income

Question 17

Not enough supply to meet the demand is called

Accepted Answer

scarce

Question 18

The number of people who want to buy a good or services is called

Accepted Answer

demand

Question 19

What is the exchange of goods and services between producers and consumers called?

Accepted Answer

market

Questions 20