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Economy Flashcards | StudBud
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Economy
Economy
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Questions
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1
Finish this statement: When the demand is low and the supply is high...
producers stop selling the product
prices go down
prices go up
prices stay the same
2
a person who takes a financial risk to start a business
entrepreneur
scarcity
consumer
producer
3
A video game is an example of a...
good
consumer
producer
service
4
Something manufactured and produced for sale
good
producer
consumer
service
5
The food that the government provides for people is an example of a...
service
scarcity
consumer
good
6
Which of the following is an example of a producer?
An ice cream shop hiring workers.
An ice cream shop buying sprinkles.
An ice cream shop selling icecream.
An ice cream shop buying milk.
7
the amount of a product that businesses are able to offer for sale
consumer
producer
supply
demand
8
a person or company who makes a good or provides a service to sell to others
consumer
producer
services
goods
9
the amount of a product that people want and buy
supply
producer
consumer
demand
10
Finish this statement: When the supply is low and the demand is high...
prices go up
prices go down
prices stay the same
producers stop selling products
11
When the amount of a resource is limited
supply
demand
opportunity cost
scarcity
12
a system where the government sets the prices
command economy
mixed economy
market economy
free enterprise
13
the value of the item you did not buy
demand
scarcity
opportunity cost
productivity
14
A teacher is an example of a...
good
consumer
producer
service
15
a person or company who buys a good or a service
producer
consumer
good
service
16
a good that is made in another country and brought to the United States and sold here
export
supply
producer
import
17
Useful labor that one provides for another
service
producer
good
consumer
18
The road being fixed by the government is an example of a...
scarcity
good
consumer
service
19
the amount a company can produce with a certain amount of labor
productivity
opportunity cost
demand
scarcity
20
a good that is made in the United States and shipped from the United States to another country to be sold there
producer
import
export
supply
21
Which of the following is an example of a consumer?
The landscaper producing mulch.
A landscaper planting the plants.
A landscaper mowing the lawn.
The landscaper buying seed from the farmer.
22
a system where businesses are free to determine prices based on supply and demand
free enterprise
command economy
market economy
mixed economy
