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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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16 cards
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Practice quiz
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Questions
16
Answers
1
Broken washer and dryer
Unplanned Expense
Planned Expense
2
Electric Bill
Planned Expense
Unplanned Expense
3
The amount of goods or services that people want and can buy is called ______________.
profit
scarcity
demand
supply
4
How will
high supply
and
low demand
affect the price of something?
Price will remain the same.
Price will decrease.
Price will increase.
5
Which of the following is an example of
saving
money?
putting money in a savings account
helping the animal shelter
Buying a new toy
Shopping for your mom's birthday gift
6
A budget should include _____________.
needs and wants.
supply and demand.
an income and expenses.
a producer and a consumer.
7
Which of the following is an example of
donating
money?
cleaning up your bedroom
buying a new bike
letting your friend borrow a pencil
giving money to an animal shelter
8
Medical Emergency
Planned Expense
Unplanned Expense
9
Cell Phone Bill
Planned Expense
Unplanned Expense
10
Which of the following is an example of earning money?
Mowing your neighbor's yard
Finding money in your pocket
Giving money to your church
Grandma giving you money for your birthday
11
A producer is someone who sells a good or service.
False
True
12
Is food a need or want?
Need
Want
13
Scarcity
is when there is not enough of something to meet people’s needs and wants.
True
False
14
The amount of goods or services that people can sell or have available is called _____________.
demand
profit
supply
scarcity
15
Is shelter a need or a want?
Need
Want
16
Is a new bike a need or want?
Want
Need
