Introduction to Economics

Question 1

In order to obtain a WANT, what must you give up?

Accepted Answer

my effort, my money, my time

Question 2

OPPORTUNITY COST is what you give up to get what you WANT or NEED. To buy sneakers you give up

Accepted Answer

time, money

Question 3

When you hear the topic ECONOMICS, what do you think of?

Accepted Answer

things people buy and sell, choices made by people, businesses, money

Question 4

If you want to buy a popular product and the store does not have enough of it, the supply is...

Accepted Answer

low, high

Question 5

What do you think a CONSUMER is?

Accepted Answer

someone who buys something, someone who makes a product, someone who uses a product, someone who pays someone for a service

Question 6

Economics is about choices. Consumers must choose carefully because your money is...

Accepted Answer

limited, unlimited

Question 7

Which of the choices is a WANT?

Accepted Answer

summer clothes, a new video game, a bigger house, new pair of sneakers

Question 8

Suppose you buy something you WANT. What do you give up?

Accepted Answer

my time, my money, my effort, my friends

Question 9

From the items listed, which is a NEED?

Accepted Answer

food to eat each day, medicine, shelter, cable TV

Question 10

What is the opportunity cost for you parents when they take you to the doctor?

Accepted Answer

their time, their money, both their time and money

Question 11

What can stores do to the prices of products that are in high demand?

Accepted Answer

charge a high price, charge a low price

Question 12

Producers want the highest price for their product or service, and consumers want to pay ...

Accepted Answer

the lowest price, the highest price, too

Question 13

What word names things we buy such as shirts, games, candy, sneakers?

Accepted Answer

products, services, goods

Question 14

What do businesses do to attract consumers?

Accepted Answer

advertise, charge the highest price for their products, sell products at less expensive prices than other businesses, offer coupons as discounts on price

Question 15

Consumers should spend their money wisely. Why?

Accepted Answer

because the money he/she has is limited, because the money he/she has is unlimited

Question 16

Economics is about choices. Consumers must choose carefully because your wants and needs are...

Accepted Answer

limited, unlimited

Question 17

Because your money is limited, it is important to learn how to be a wise consumer.

Accepted Answer

FALSE, TRUE

Question 18

Opportunity cost exists with all choices. If you practice with your sports team you give up...

Accepted Answer

my free time, homework time, my allowance money, time that I could do something else

Question 19

If you have 10 t-shirts that still fit from last season, do you NEED an 11th shirt?

Accepted Answer

YES, NO

Question 20

What do stores do to prices of products that are not in high demand?

Accepted Answer

reduce prices, put those products on sale, offer "buy one, get one", discount the products

Question 21

Do you think people confuse their NEEDS and WANTS?

Accepted Answer

YES, NO

Question 22

If you want to buy a product that others want too, and it is not available, the demand is...

Accepted Answer

high, low

Question 23

In the economic market place, the most valuable resource is...

Accepted Answer

space, effort, money, time

Question 24

Which is not an example of a service?

Accepted Answer

plumber who fixes water pipe in your house, groceries you buy at the store, the driver who delivers a package to your house, getting a haircut

Question 25

What word names actions we pay others to do for us?

Accepted Answer

services, products, goods

Introduction to Economics

Questions 25

Introduction to Economics

Questions 25