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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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18 cards
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Questions
18
Answers
1
Which is an example of a good?
Washing the dishes
A basketball
Walking your neighbor's dog
Taking out the trash
2
What is the amount of something available to consumers?
Demand
Producers
Supply
Goods
3
Since Georgia cleaned her little sister's room, she is a producer
False
True
4
Who makes or grows goods or offers services?
Producers
Consumers
Resources
Demanders
5
Which is NOT an example of a service?
A child buying candy at Walmart
A doctor saving someone's life
A teacher teaching students
A firefighter saving someone
6
Paper is not a "good" because it is made from a natural resource
False
True
7
A producer is someone who buys goods.
False
True
8
Liam went to the dentist to have his teeth cleaned, so Liam is a consumer
False
True
9
A store should have a high supply of a new toy available
False
True
10
What is a consumer?
A work someone does for someone else
Someone who makes goods or offers services
Someone who buys goods or services
Something that is made or grown
11
Select an example of a consumer
A farmer harvesting corn
A mom paying a babysitter
A doctor assisting a patient
A teacher reading a book
12
What is a service?
Work that someone does for someone else
Buying corn at the farmer's market
Increasing the supply of a good when the demand is high
Making basketballs for a living
13
If the demand of something increases (goes up), the price usually increases
False
True
14
Doctors, bus drivers, teachers, babysitters, and dentists all offer services
False
True
15
What do we call things that are made or grown?
Supply
Goods
Demand
Services
16
What is how much consumers want something?
Services
Demand
Supply
Goods
17
A person can be both a producer and a consumer
True
False
18
If the demand of pre-made slime goes down, the price will go down
False
True
