Basics of Economics

Question 1

You have a low supply of your product. What generally happens to the price over time?

Accepted Answer

The price will go up and get closer to equilibrium.

Question 2

You have a high supply of your product. What generally happens to the price after a while?

Accepted Answer

It will go down and get closer to equilibrium.

Question 3

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

Accepted Answer

Who uses or consumes these goods and services?

Question 4

______ is the study of large-scale economic factors (federal taxes, a country's growth, etc)

Accepted Answer

Macroeconomics

Question 5

Bobby buys a new iPhone 7 Plus. He is a:

Accepted Answer

Consumer

Question 6

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

Accepted Answer

How should these goods/services be produced?

Question 7

Which of these is NOT an example of an incentive?

Accepted Answer

A new product!

Question 8

What do you call the people who make/supply goods?

Accepted Answer

Producers

Question 9

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

Accepted Answer

What goods and services should be produced?

Question 10

The price of what you give up to do or get something else is called:

Accepted Answer

Opportunity cost

Question 11

What is economics?

Accepted Answer

The study of how people meet their wants and needs.

Question 12

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

Accepted Answer

Why should goods/services be made?

Question 13

Which of these would cause MOVEMENT along the demand curve (either positive or negative)?

Accepted Answer

A change in price for a product

Question 14

Which of the following would cause a SHIFT in the supply curve (either positive or negative)?

Accepted Answer

All of these will cause a shift

Question 15

Which of the factors of production combines three other factors together to make them work?

Accepted Answer

Entrepreneur

Question 16

There are 1,000,000 people who want to buy your product. This is the:

Accepted Answer

Demand

Questions 16