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Economics basics Flashcards | StudBud
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Economics basics
Economics basics
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Questions
12
Answers
1
What is the amount of a product consumers want?
Demand
Producer
Supply
Consumer
2
Getting a free toy with a Happy Meal is an example of what?
High supply
Positive incentive
High demand
Negative incentive
3
When demand is high and there is not a lot of supply, what typically happens to prices?
Prices stay the same
Prices go up
Prices go down
4
Having to pay a late fee on a credit card payment is an example of what?
Positive incentive
Negative incentive
Service
Demand
5
Two companies vying for your business are in:
Agreement
Debt
Trouble
Competition
6
What is the amount of a product available?
Producer
Consumer
Demand
Supply
7
When there is a lot of supply but little demand, what typically happens to prices?
Prices go up
Prices go down
Prices stay the same
8
What is an example of a service?
Computers
Rugs
Art supplies
Manicures
9
Which of the following is a good?
Teacher
Plumber
Carpenter
Jewelry
10
Bonus question: ________ is what it's called when the demand for a product is greater than the supply.
Demand
Competition
Scarcity
Overflow
11
What is someone who sells a product?
Producer
Demand
Supply
Consumer
12
What is someone who buys a product?
Producer
Supply
Consumer
Demand
