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Intro to Economics Flashcards | StudBud

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Intro to Economics

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Intro to Economics

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Questions 5

Answers

1
What does scarcity refer to?
a limited supply
time
an abundant supply
a demand
2
If supply is low and demand is high what happens to the price of an item?
the price lowers
the item is free
the price stays the same
the price rises
3
Due to scarcity we cannot always get what we want, so what do we have to do?
cry
deal with it
make choices
decrease the supply
4
If the price of an object is low, what happens to the demand?
it stays the same
it lowers
it rises
5
Which of the following words most relates to economics?
government
social structure
religion
money