Economics Basics

Question 1

desire for a particular good or service

Accepted Answer

demand

Question 2

When you subtract your expenses from the money you get from your sales, you get

Accepted Answer

profit

Question 3

Which type of economy is based on people's customs and values?

Accepted Answer

Traditional economy

Question 4

lowest possible or acceptable

Accepted Answer

minimum

Question 5

Socialism is an example of which economy?

Accepted Answer

Mixed

Question 6

In a budget, your income should be equal to, or ______ your expenses

Accepted Answer

greater than

Question 7

study of how people meet their wants and needs

Accepted Answer

economics

Question 8

When demand for a good goes down, what happens to the price?

Accepted Answer

It goes down

Question 9

cost of what you have to give up when making a choice

Accepted Answer

opportunity cost

Question 10

person or business that buys, or consumes, goods and services

Accepted Answer

consumer

Question 11

When you borrow money from a bank, that is called

Accepted Answer

credit

Question 12

amount of a good or service that is available for use

Accepted Answer

supply

Question 13

person or business that makes and sells goods or services

Accepted Answer

producer

Question 14

Inflation is when

Accepted Answer

prices go up

Question 15

basic value

Accepted Answer

principle

Questions 15