Why would a consumer compare prices for the same items at another store?

Competition can cause prices to be lower at one store.

What does scarcity mean?

There is not enough for everyone.

What would happen to the price of iphones if the supply was high, but not many people wanted an iphone?

The price of the iphones would go down.

How do consumers and producers depend on each other?

Producers earn money when consumers buy their products.

As a chef, what do you produce at your job?

I produce a good and service. I provide food/meals.

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Unit 5 Topic 1 Economics

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Questions 10

Answers

1
You purchase the Nike shoes. You put the Adidas back on the shelf. This is an example of ____?
Interdependence
Opportunity Cost
Producers
Specialization
2
A pair of shoes is an example of a service.
True
False
3
Why would a consumer compare prices for the same items at another store?
Consumers should buy all the things.
Consumers should always make a profit when shopping.
Ads in local newspapers never tell the truth
Competition can cause prices to be lower at one store.
4
What would happen if the supply of Nintendo Switches went down, but the demand went up?
The price would increase
The price would not change.
The price would go down
The price would stay the same.
5
The consumer is comparing prices to find which producer has a lower price. This is an example of.....
Economy
A consumer wasting money.
A consumer making a profit.
Competition between producers
6
What does scarcity mean?
There is enough for everyone.
There is not enough for everyone.
No one needs or wants an item.
7
What would happen to the price of iphones if the supply was high, but not many people wanted an iphone?
The price would be at its highest.
The price of iphones would go up
The price of the iphones would go down.
The price would stay the same.
8
How do consumers and producers depend on each other?
Consumers advertise their products for producers to buy
Producers give their products away
Consumers give their products away
Producers earn money when consumers buy their products.
9
You got a Nintendo Switch for your birthday. Is this a want or a need?
Need
Want
10
As a chef, what do you produce at your job?
I produce a service and keep your teeth healthy.
I produce a good. I make pots and pans.
I produce a good and service. I provide food/meals.
I produce a service and provide an education.

Unit 5 Topic 1 Economics Flashcards | StudBud