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Which best describes a producer?
Which of these is a want?
economics
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economics
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Questions
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Answers
1
Which of these is a want?
Food
Shelter
Water
iPhone
2
Which best describes a producer?
neither
Someone who makes/provides goods and services
someone who uses goods/services
3
In a struggling economy, which is a consumer LESS likely to spend money on?
wants
needs
4
In a market system what determines the price of goods and services?
demand
supply
supply and demand
neither
5
Which of these is a need?
Sports equipment
Food
A day at a theme park
6
When supply rises, what typically happens to the price of a good/service?
rises
falls
7
What pricing system do supermarkets use?
competition and competitors prices
recommended retail price
auction
percentage mark up
8
Does a relationship exist between producers and consumers?
no
yes
9
Which best describes a consumer?
Someone who makes goods/provides services
neither
Someone who uses goods/services
10
Which of these is a need?
water
textbooks
iPhone
11
Are Australian producers influenced by the needs and wants of overseas consumers?
yes
no
12
In a mixed market economy does the Government intervene?
no
yes