Economics Basics

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Test your knowledge on fundamental concepts of economics such as trade, supply and demand, producers and consumers

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Questions 17

Answers

1
What is a want?
Must have for school
Like to have
Need to live
Something free
2
What does supply mean?
Amount of product
Number of buyers
Cost of product
Demand for product
3
What is a service?
Physical item
Job done for you
Kind of toy
Type of food
4
What is a producer?
Someone who buys
someone who Makes or sells goods
someone who Enjoys shopping
someone who Collects toys
5
Why do we have to make choices about spending money?
we only need one toy
everyone has the same choices
we have limited resources
we have unlimited money
6
Who is a consumer?
someone who Grows food
someone who uses or buys goods
someone who sells products
someone who Works in factory
7
How are prices determined?
By production cost
By demand and supply
By government
By weather
8
Which is NOT a good?
A haircut
A sandwich
A toy
A book
9
What happens with high demand and low supply?
No change in price
Prices go up
Prices go down
Products given away
10
What do consumers do?
Fix products
Buy and use products
Sell products
Make products
11
Why do people trade?
Make friends
to Get something without money
because trading is Better than buying
Get rid of items
12
In a command economy, who decides production?
Producers alone
Foreign countries
Individual consumers
The government
13
What does it mean to save money?
Give money away
Borrow from friends
Spend all money
Keep for later use
14
What happens to price with high demand?
Price stays same
Toy is given away
Price goes up
Price goes down
15
Example of a producer?
Farmer growing veggies
Teacher giving homework
Child with toys
Customer buying groceries
16
What does trade mean?
Swapping goods
Buying at a store
Giving without return
Working for money
17
If you have $10 and a toy costs $15?
Choose a different toy
Save more money
Ask someone to buy
Buy the toy anyway

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