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Economics Basics
Economics Basics
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1
Why does economics have an impact on daily life?
economics is the the study of how people meet their wants and needs
it only has an impact if you are a producer
economics has an impact on you if you are an adult
it actually does not have an impact
2
How does demand affect the price of a good or service?
if demand increases, price decreases
if demand decreases, price decreases
if demand decreases, price increases
if demand increases, price increases
3
What is "supply" in economics?
physical materials to make something
services, but not goods
goods, but not services
the desire or capability to provide goods or services
4
Which type of economic system has the highest level of government control?
mixed economy
command economy
market economy
traditional economy
5
Which of the following describes a traditional economy?
it is up to individuals to satisfy their own basic needs
needs are satisfied through traditional methods like hunting and farming
the government takes care of some basic needs, but not all of them
the government decides what everyone's basic needs are
6
Which of the following describes a mixed economy?
the economy is based on traditional values
the government does not control any economic decisions
the government controls all economic decisions
government control on economic decisions varies country to country
7
Increased competition between producers of a good may lead to...
A decrease in profit
a rise in taxes
an increase in price
a drop in demand
8
How do companies make a profit?
try to decrease expenses and decrease revenue
try to increase expenses and increase revenue
try to decrease expenses and increase revenue
try to increase expenses and decrease revenue
9
what is the role of producers in a country's economy?
producers make movies and tv shows
producers make or sell goods and services
producers buy or consume goods and services
producers get stressed out over goods and services
10
What is the cost of what you have to give up?
lost cost
deflation
low demand
opportunity cost
11
Which of the following is a feature of a good budget?
economic incentives
income that is less than its expenses
money reserved for saving
high use of credit
12
Which of the following is one of the three basic economic questions?
How is budget created?
How can income be shared?
What price should be set for goods and services?
How should goods and services be produced?
13
Which of the following is a potentially negative consequence of a pure market economy?
a few people are very rich while most are extremely poor
there is no motivation for innovation
the economy remains static
everyone fights over goods and services
14
what is the role of consumers in a pure market economy?
consumers affect the demand/price of goods and services
consumers ARE goods and services
consumers don't buy enough goods or services
consumers sell goods or services
