Economics Basics Test Review

How can a business help people?

Which definition best describes opportunity cost?

If you were a professional economist, what might you study?

Which of these is a FIXED cost of a Pizza Hut?

When making a decision, a COST is...

Why was labor specialization developed?

Look at the graph. Does it show a supply curve or a demand curve?

What is one way that sneaker companies try to get more people interested in their products?

Which of these is a variable cost of a Pizza Hut?

The heart of economics is SCARCITY, or the idea that we have unlimited WANTS & NEEDS, but...

How do sneaker companies increase demand for their products?

What resource was limited in the Lorax?

Sugar, Flour, Baking Soda, and Eggs are all examples of WHICH factor of production?

Which of the following answers is the LAW OF DEMAND?

When making a decision, a BENEFIT is...

College, On-Job Training, and Medical School are all examples of which Factor of Production?

Which of the following is the BEST definition for the term "economics"?

If Rihanna started riding a bike everywhere, what would happen to the demand curve for bikes?

Which of the following answers is the LAW OF SUPPLY?

When I make a decision, I think "what do I get? What do I give up?" This is an example of...

Which of the following is NOT one of the three basic questions of economics?

If there were a drought, what would happen to the SUPPLY curve of an agricultural product?

Which of the following is the FIRST question a new business should ask and answer?

How did the Thneed company answer this question: How will we make the thneed?

Look at the graph. What is happening in the graph?