Move In opposite directions, supply goes up demand goes down

Economics is the study of

People allocating limited resources to satisfy unlimited wants

Products and services businesses provide.

Demand is up price is up; demand is low price is low

The way a country manages its money and resources.

iPhones are always in demand, so what will happen to the prices of these products?

Increase (go up), Stay the same

People's willingness to buy goods or services.

Why should we study Economics?

to become better decision makers

Need is something you cannot live without. Want is something you desire

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Business basics economics

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Questions 12

Answers

1
Supply and Demand
Move In the same direction, supply goes up demand goes up
Move In opposite directions, supply goes up demand goes down
None of these
Do not affect each other
2
Economics is the study of
People allocating limited resources to satisfy unlimited wants
People controlling money in an economy
Consumers deciding what to buy
Government deciding what to produce
3
Supply is...
The money you earn.
Something people buy that you can hold or touch.
Products and services businesses provide.
To do a certain job.
4
Supply and Demand
Demand is up price is up; demand is low price is up
Demand is up price is low; demand is low price is low
Demand is up price is up; demand is low price is low
Demand is up price is high; demand is low price is low
5
What is economics?
People depend on each other
things we use to satisfy our wants and needs
The way a country manages its money and resources.
Money, goods, services, supply, and demand
6
iPhones are always in demand, so what will happen to the prices of these products?
Increase (go up)
I have no idea
Decrease (go down)
Stay the same
7
Demand is...
Something people buy that you can hold or touch.
People's willingness to buy goods or services.
A person who makes a good or provides a service.
Goods that are used to make other goods/to provide services.
8
Why should we study Economics?
to become better decision makers
to describe our standard of living
to help us get to sleep
to increase consumption of consumer goods
9
If prices increase and demand falls, pricing is said to be...
inelastic
elastic
10
Needs and Wants
Need is something you cannot live without. Want is something you desire
Need is something you desire. Want is something you cannot live with
Need is a need, want is a want
something you buy and can touch
11
Needs and wants are the same.
true
false
12
What is economics?
Production of resources
Transfer of resources
Consumption of resources
All 3

Business basics economics Flashcards | StudBud