Basic Economics

Front

In an economy what three things must take place? Production, Relocation, Consumption, Production, Distribution, and Consumption, Production, Distribution, and Labeling

Back

Production, Distribution, and Consumption

Front

___________ are the products made in an economy.

Back

Goods

Front

______________________ are provided to you by a company.

Back

Services

Front

____________________ is the amount of a good that a company has.

Back

Supply

Front

__________________ is the willingness and desire of a person to buy a good.

Back

Demand

Front

If the supply decreases and the demand increases then the price will ___________________.

Back

Increase

Front

If the supply increases, but the demand decreases, then the price will _______________.

Back

Decrease

Front

Who determines the price of a good? Options: The consumer, The producer, The distributor

Back

The consumer

Front

If the demand of a good and supply stays the same the price will _______

Back

Stay the same

Front

When a company has more supply than demand this is known as a _______________.

Back

Surplus