Economics Basics

Question 1

Surplus occurs when?

Accepted Answer

When there is more of something than buyers want.

Question 2

Employment rate is?

Accepted Answer

The number of people currently working

Question 3

Macroeconomics focuses on?

Accepted Answer

Interaction of individuals, businesses and government

Question 4

Scarcity occurs when?

Accepted Answer

When there is not enough of something to meet the demand.

Question 5

Unemployment rate is?

Accepted Answer

People looking for work and receiving unemployment checks.

Question 6

Opportunity cost is?

Accepted Answer

The thing you gave up to buy something else. Your second choice.

Question 7

What does microeconomics study?

Accepted Answer

Individuals and businesses

Question 8

What is the order of the economic pyramid - top-down?

Accepted Answer

personal finance, micro, macro

Question 9

What is a societal need?

Accepted Answer

Something that makes your life easier. Car in the Kaneland area

Question 10

Services are?

Accepted Answer

Things people do for you like carwash/dry cleaners

Question 11

What is equilibrium?

Accepted Answer

Where supply and demand meet

Question 12

Goods are?

Accepted Answer

Tangible items - things you can touch/hold

Question 13

What does economics study?

Accepted Answer

Amount of goods and services bought and sold in a year.

Question 14

What is Demand?

Accepted Answer

The amount of something that people want.

Question 15

Needs include food, water and shelter.

Accepted Answer

True

Question 16

What are the conditions needed for supply to exist?

Accepted Answer

Willing and able

Question 17

What is utility?

Accepted Answer

The usefulness/value of an item

Question 18

Personal finance focuses on?

Accepted Answer

How individuals manage their money

Question 19

Wants are essential for survival

Accepted Answer

False

Question 20

Supply is?

Accepted Answer

The amount available products

Question 21

Inflation measures price increase

Accepted Answer

True

Question 22

Which is not a personal values?

Accepted Answer

Employment

Questions 22