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Introducing new Paper mode
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12 questions
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- 1. Multiple-choice30 seconds1 pt
What is a WANT?
a wish or desire
a necessity
a transaction with physical goods
a non-material good
- 2. Multiple-choice30 seconds1 pt
What is a NEED?
something required for life
a wish or aspiration
a tangible object
a type of income
- 3. Fill-in-the-Blank1 minute1 pt
A ______________ is any person who buys goods and services to satisfy their needs and wants.
- 4. Fill-in-the-Blank1 minute1 pt
A __________________ is a person or group that makes something in order to sell it
- 5. Multiple-choice30 seconds1 pt
What does Consumer Sovereignty mean?
Producers are the rulers due to their supply of goods and services
Consumers wants are the rulers because of their demand for products
Consumers and producers aren't related at all
consumers are greedy
- 6. Multiple-choice30 seconds1 pt
What is SUPPLY?
the total amount of a good or service that is available to a consumer
a customers desire to purchase a good or service
as the price of a good or service increases, the quantity of a good or service will increase
wants and needs
- 7. Multiple-choice30 seconds1 pt
What is DEMAND?
an oversupply of goods
where market supply becomes stable
the total amount of a specific good or service that is available to customers
a consumers desire to purchase goods and services
- 8. Open-ended3 minutes1 pt
What are the 4 types of Resources?
1. L___
2. L_____
3. C______
4. E_________
- 9. Multiple-choice45 seconds1 pt
What elements are in the circular flow?
resource market
households
businesses
goods and services
income
- 10. Multiple-choice30 seconds1 pt
Which of these is NOT a type of income?
Wage
Bills
Pension
Royalties
- 11. Open-ended3 minutes1 pt
List the components of the Circular Flow (diagram)
- 12. Multiple-choice30 seconds1 pt
an example of LABOUR is
the workforce
an ocean
a manager/boss
