What is a free market?

a market where people choose what to produce and buy

the income left after all costs are paid

something a person must have to live

What must a business do in order to make a profit?

sell product for more than it costs to make

What is opportunity cost?

what you give up when you choose one thing over another

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Economics

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Questions 15

Answers

1
What is a good a sporting goods store might sell?
a softball bat
baseball lessons
an umpire for a game
people to sew uniforms
2
What does scarce mean?
a lot of something
not enough of something
none of something
too much of something
3
What is NOT a resource that is scarce?
sunshine
coal
wood
gasoline
4
What is NOT an example of a human resource?
an umpire
a woman
a computer
employee of a store
5
What is your opportunity cost is you buy shoes instead of a jacket?
the shoes
the jacket
two CDs
a pair of socks
6
What happens before lumber is delivered to a community?
They build a fence.
A driver unloads the lumber.
Trees are cut down and milled.
Furniture is made.
7
What is a free market?
a market that trades goods with another country
a market where people choose what to produce and buy
a market where the government says what to produce and buy
a market that gives aways things for free
8
What could a store owner do if not many people were buying a product?
Order more product
Raise the price of the product
Lower the price of the product
Open a new store
9
What usually happens when the supply of a product goes up?
The producers make more of it.
The price goes down.
The price goes up.
The demand goes up.
10
What is profit?
the amount of product people want
the income left after all costs are paid
the amount of money a business has
the money a business spends
11
What is a need?
something you would like but can live without
a plan that shows income, spending and saving
something a person must have to live
the amount of money a person uses each day
12
What is NOT a reason people trade with each other?
to travel and meet new people
to get goods they can't make
to benefit from the trade
to make money from the trade
13
What must a business do in order to make a profit?
sell product for more than it costs to make
spend more money than save
supply more product that people want
provide a service to the community
14
What happens when demand goes up?
production stops
price goes down
price goes up
supply stays the same
15
What is opportunity cost?
what you give up when you choose one thing over another
buying one thing instead of another
something you would like but don't have to have
a place to track earning and spending

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