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- 1. Multiple Choice
Clara sees this headline in today's newspaper.
Store Owners Fear Consumers Will Spend Less This Holiday Season
In the field of economics, which definition best fits the term consumer?
A person who utilizes goods
A person who shops at the mall
A person who devours a lot of food
A person who produces items.
- 2. Multiple Choice
What economic concept does the image illustrate?
Consumerism
law of supply and demand
Scarcity
opportunity cost
- 3. Multiple Choice
Use the graph to identify the factors that affect wages.
Education does not affect wages.
Wages double with a college degree
Women equal their pay to men with higher degrees.
Gender has no impact on pay
- 4. Multiple Choice
How do incentives affect the law of supply and demand?
Incentives encourage the consumer and producer to use the scarce resources they have wisely to get the most return
Incentives affect the producer by encouraging them to produce goods and services more quickly.
Incentives affect the consumer by encouraging them to buy goods and services more quickly.
Incentives increase the competition between consumers and producers.
- 5. Multiple ChoiceIf the supply of a good is higher than the demand, what happens to the price?It stays the samePrice goes downPrice goes upIt's FREE!!
- 6. Multiple ChoiceAn increase in competition would have what effect on price?Price goes upPrice stays the samePrice goes downIt explodes
- 7. Multiple ChoiceIf there is no competition in your market, how would that impact your business?You could charge more for your productYou would make moreYou would hire more employeesYou would charge less for your product
- 8. Multiple ChoiceNew technology that increases the speed of production would have what impact on the prices of goods?Prices would lowerPrices would increasePrices would stay the sameBusiness would close
- 9. Multiple Choice
TRUE or FALSE: We can have everything that we want because we have unlimited resources.
TRUE
FALSE
- 10. Multiple ChoiceA popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?muffinscookies
- 11. Multiple Choice
The inability to satisfy all wants at the same time. Resources and goods are limited, so choices must be made.
production
consumption
scarcity
price
- 12. Multiple Choice
The using of goods and services
choice
consumption
incentives
resources
- 13. Multiple Choice
The tools, man-made objects or money used in the production of goods and services
human resources
capital resources
natural resources
entrepreneurship
- 14. Multiple Choice
The ability to create and manage a business. A willingness to take risks to make money.
entrepreneurship
capital
production
consumption
- 15. Multiple Choice
The combining of human, natural, capital resources and entrepreneurship to make goods or provide services.
consumption
opportunity cost
production
incentive
- 16. Multiple Choice
Consumers determine which goods and services are produced by consuming certain products
Choice
Consumer Sovereignty
Supply
Demand
- 17. Multiple Choice
The combination of supply and demand determine
demand
supply
popularity
price
- 18. Multiple ChoiceIf you tell me a price on something and I offer you a different price, this is an example of what kind of economy?TraditionalCommandMarketMixed
- 19. Multiple ChoiceIf my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.TraditionalMarketCommandMixed
- 20. Multiple Choice
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
- 21. Multiple ChoiceIn this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- 22. Multiple ChoiceThe government has little to no role in the production of goods in this type of economy.TraditionalMixedCommandMarket
- 23. Multiple ChoiceI am a farmer in Africa, and have always traded for my goods. I have a _____ economy.TraditionalCommandMarketMixed
- 24. Multiple ChoiceIn this type of economy, the government places control on businesses, but the individual decides what to make.MixedMarketCommandTraditional
- 25. Multiple ChoiceName the characteristic. Individuals and businesses have the right to own real and personal property and resources without government interference.free marketsprivate propertyprofitcompetition
- 26. Multiple ChoiceName the characteristic. Consumers determine through purchases, what goods and services will be produced.free marketsprofitcompetitionconsumer sovereignty
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