The study of how people meet their wants and needs.

Which of these is NOT one of the three questions of economics?

Why should goods and services be made?

Which economic question does this answer? "I will use my own house and money to make the goods"

How should these goods/services be produced?

You have a large supply of your product. What will happen to the price?

It will go down because everyone can have one.

Which economic question does this answer? "I will sell my product to middle school students."

Who uses or consumes these goods and services?

Which economic question does this answer? "I will make a phone that is cheap and light."

What goods and services should be produced?

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Duplicate of Economics Basics

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A #review #quiz to help review #economics.

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Questions 12

Answers

1
What is economics?
The study of how people meet their wants and needs.
The study of to make a good business.
The study of money.
The study of money in one country.
2
Which of these is NOT one of the three questions of economics?
What goods and services should be produced?
Why should goods and services be made?
How should goods and services be produced?
Who uses or consumes those goods and services?
3
The price of what you give up is called:
Chance Cost
Opportunity price
Chance Price
Opportunity cost
4
Which economic question does this answer? "I will use my own house and money to make the goods"
Why should we make these goods/services?
Who will buy these goods/services?
How should these goods/services be produced?
What goods/services should be produced?
5
Which of these is NOT an example of an incentive?
A Sale
A new product!
Buy One, Get One Free!
A Warranty
6
What do you call the people who make/supply goods?
Consumers
Businessmen
Producers
Factory workers
7
Bobby buys a new iPhone 7 Plus. He is a:
Economist
Incentive
Consumer
Producer
8
You have a large supply of your product. What will happen to the price?
It will stay the same. Supply doesn't affect price.
It will go up because everyone can have one.
It will go down because everyone can have one.
It will make the demand for the product less.
9
Which economic question does this answer? "I will sell my product to middle school students."
What goods and services will be produced?
Who uses or consumes these goods and services?
How should goods and services be produced?
Why should we make these goods and services?
10
Which economic question does this answer? "I will make a phone that is cheap and light."
Who will buy these goods/services?
How should goods and services be produced?
Why should I make these goods/services?
What goods and services should be produced?
11
There are 1,000,000 people who want to buy your product. This is the:
Incentive
Supply
Economy
Demand
12
You have a small supply of your product. What will happen to the price?
The demand will go down.
The price will go down.
The price will go up.
The cost to make it will go down.

Duplicate of Economics Basics Flashcards | StudBud