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Economics Quiz
Economics Quiz
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Economics Quiz
Flashcards
14 cards
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Questions
14
Answers
1
Maili spends $20 on a movie instead of buying a new outfit. What is her opportunity cost?
the outfit
the time she used
the movie
the $20
2
As the price of a product increases, the supply will...
stay the same
decrease
increase
3
A resource that comes from nature, such as trees, water, and crops...
Capital Resource
Natural Resource
Human Resource
4
If you give up something in order to get something else, this is ...
cost
opportunity cost
opportunity
resources
5
If something is difficult or hard to get it is...
a supply
a demand
scarce
quality
6
As the price of a product decreases, the supply will...
increase
stay the same
decrease
7
How much people want to buy something is called...
services
goods
demand
supply
8
How much of something that is available is called...
equilibrium point
demand
price
supply
9
As the price of a product increases, the demand will...
decrease
increase
stay the same
10
A resource that is a manmade tool for business, such as a cash register, computer, or desk...
Natural Resource
Capital Resource
Human Resource
11
A resource that is a person, such as an employee, truck driver, or manager...
Natural Resource
Capital Resource
Human Resource
12
The Law of Supply and Demand means that supply and demand are...
synonyms
opposite
same
antonyms
13
As the price of a product decreases, the demand will
increase
stay the same
decrease
14
A good is...
what a person DOES for money
the amount of something for sell
some THING sold for money
how much people want something
