What is a free market economy?

Is an where people can buy the goods and services they want

When you buy a service, you hire people to perform work.

Goods is something you buy and consume.

a stock or amount of something supplied or available for use

How people produce goods & services for people to consume

What is material well being?

The purchasing of goods to improve quality of life

What are capital resources?

Goods made by people & used to make goods

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Economics!

20 termsStudBud Administration209 plays

An #economics quiz to support revision of key terms such as goods, services, wants and needs.

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Questions 20

Answers

1
What is demand?
Demand is a measure of how many people want goods & services
Demand is how many people dislike goods or services
Demand is how many people like goods or services
Demands are the essentials in life
2
Which of these is a basic need for all humans?
A car
WiFi
Nutritious food
A slurpie
3
What are human resources?
Materials from nature
Goods made by people & used to make other goods
Materials from labour
4
What is a consumer?
People that have wants and needs.
People that purchase services
People that purchase goods
People that purchase goods and services
5
What is a want?
A want is something that is occasionally essential to life
A want is something that is not essential your life,e.g dogs
A want is something that is never essential to your life
A want is something that is essential to your life,e.g water
6
What is a free market economy?
Is an where people can buy the goods and services they want
Is where people need permission to buy goods & services
Is where the goods and services are free
Is where goods and services are given out by the producers
7
What is a service?
You are buying something you can touch or hold.
When you buy a service, you buy something to eat.
When you buy a service, you hire people to perform work.
A service is when you buy something you can consume.
8
Which of these are a good?
An iphone
A manicure
A dentist
A dry cleaner
9
What are natural resources?
Materials from labor
Materials made by people
Materials made by people & used to make other goods
Materials from nature
10
What are goods?
Goods are expensive.
Goods is something you buy and consume.
Goods are something you provide for someone else.
Goods are things that people can do for you.
11
How does supply impact on Peter’s profits?
They decrease (go lower)
They decrease and then increase
They stay the same
They increase (go higher)
12
What is supply?
Food
equipment that is in stores
Equipment and resources
a stock or amount of something supplied or available for use
13
True or False. Material well being depends on your values and lifestyle.
False
True
14
Which of these is a service?
A dog
A performance
A DVD
A lip gloss
15
Which is NOT an example of a want?
Mascara
An iphone
A PlayStation
Shelter
16
What is economics?
Studying needs and wants
How people consume goods & services
Studying how people like to buy their items online
How people produce goods & services for people to consume
17
In a healthy economy, demand for goods and services is high.
False
True
18
What is material well being?
The purchasing of goods to improve quality of life
The purchasing of goods and services to improve life
The purchasing of services to improve quality of life
The difference between the wealthy and poor
19
What is a need?
A need is something that is not essential.
A need is something you can consume.
A need is something you want sometimes.
A need is an essential.
20
What are capital resources?
Goods made by people & used to make goods
Labour, people who do the work
Materials made from nature

Economics! Flashcards | StudBud