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- 1. Multiple Choice
What is a WANT?
a wish or desire
a necessity
a transaction with physical goods
a non-material good
- 2. Multiple Choice
What is a NEED?
something required for life
a wish or aspiration
a tangible object
a type of income
- 3. Fill in the Blank
A ______________ is any person who buys goods and services to satisfy their needs and wants.
- 4. Fill in the Blank
A __________________ is a person or group that makes something in order to sell it
- 5. Multiple Choice
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 Choice
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 Choice
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 Ended
What are the 4 types of Resources?
1. L___
2. L_____
3. C______
4. E_________
- 9. Multiple Choice
What elements are in the circular flow?
resource market
households
businesses
goods and services
income
- 10. Multiple Choice
Which of these is NOT a type of income?
Wage
Bills
Pension
Royalties
- 11. Open Ended
List the components of the Circular Flow (diagram)
- 12. Multiple Choice
an example of LABOUR is
the workforce
an ocean
a manager/boss
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