Economics Basics

Hotels, Hospitals, and Restaurants are examples of services. Which is another example of service?

What is the desire for a good or service?

Opportunity Cost is...

Buying something and paying for it later is form of what?

What usually happens to price when the demand for a product is high?

Which is NOT an example of goods?

The Central government makes all the decisions in which economy?

Credit comes at what cost?

The Study of how people meet their wants and needs.

Consumers are people who..

What usually happens to price when the demand is low?

According to the book, which two countries have mixed economies that are close to pure command economies? (Page 61)

Which industry are Farmers a part of?

Which Economy allows the indivduals to make all decisons?

Producers are people who..

What are the Three Basic Economic Questions that are asked?

Which industry would produce TVs?