What must a business do in order to make a profit?

sell a product for more than the cost to make it

What usually happens when the supply of a product goes up?

price of that product goes down

What is an opportunity cost?

what you give up when you pick one thing instead of another

Which is an example of an economic choice?

choosing to buy a bat instead of 2 CDs

What is a free market?

a market where people choose what to produce and buy

What might happen if a softball bat maker has to increase pay for its workers?

Unless, it charges more, it will lose some of its profits.

something you must have to live

income a business has left after all its costs are paid

What might happen if the demand for a product were to go up?

The price of that product might go up.

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Economics

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Questions 15

Answers

1
What must a business do in order to make a profit?
the amount of money a business brings in
supply more products than people demand
spend more money than it is able to save
sell a product for more than the cost to make it
2
What usually happens when the supply of a product goes up?
producers make more of that product
price of that product also goes up
demand for that product goes up
price of that product goes down
3
What is an opportunity cost?
something you would like to have but can live without
when you buy one thing instead of another
what you give up when you pick one thing instead of another
a plan to help you track your earning and spending
4
Which is a way to earn money?
walk your neighbor's dog
save money in a bank
buy two CDs for $20
buy a new softball bat
5
What might a store owner do if few people are buying a certain product?
make more of the product
raise the price of the product
lower the price of the product
open a new store for the product
6
Which is NOT an example of a human resource?
a woman who sands bats
a man who umpires a game
an employee of a sporting goods store
a computer that cuts bats
7
Which is an example of an economic choice?
sitting by your sister instead of your friend
eating chicken nuggets instead of a hamburger
playing softball instead of basketball
choosing to buy a bat instead of 2 CDs
8
What happens before lumber is delivered to a community?
A community builds a fence.
A driver unloads the lumber.
Furniture is made from the lumber.
Trees are cut down and milled.
9
What is a free market?
a market that trades goods with another country
a market where people choose what to produce and buy
a market where the government tells you what to make and buy
a market that gives all of its products away for free
10
What might happen if a softball bat maker has to increase pay for its workers?
Unless, it charges more, it will lose some of its profits.
Because of the cost of making bats, it will only make balls.
The owner might have to give the bats to customers for free.
The bat maker will probably have a sale on softball bats.
11
What does it mean to say a resource is scarce?
There is not enough of it.
There is none of it.
There is a lot of it.
There is too much of it.
12
What is a need?
something you can live without
a plan to help save money
something you must have to live
amount of money a person uses each day
13
What is a profit?
amount of money a business brings in
income a business has left after all its costs are paid
amount of product that people
the money that a business spends over a year
14
Which of the following is an example of a want?
softball bat
place to live
fresh water
food
15
What might happen if the demand for a product were to go up?
The supply of that product might stay the same.
The price of that product might go down.
The price of that product might go up.
The production of that product might stop.

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