What is Economics?

Front

Which is NOT one of the three basic economic questions?

• What to Produce
• When to Produce
• How to Produce
• For Whom to Produce

Back

When to Produce

Front

Which of the following is NOT a Factor of Production?

wants

,

capital

,

labor

,

land

Back

wants

Front

Which of the following is an example of a good?

• tune up
• oil change
• car wash
• car

Back

car

Front

Which of the following is an example of a service?
Options: windshield wipers, floor mats, car wash, car

Back

car wash

Front

What is the fundamental problem of economics?

Back

scarcity

Front

A demand curve always moves

Back

down

Front

A supply curve always moves

Back

up

Front

Law of Demand

Back

increase price = decrease demand

Front

Law of Supply

Back

increase price = increase supply

Front

The point of no surplus & no shortage

Back

equilibrium