What is Economics?

Which is NOT one of the three basic economic questions?

• What to Produce

• When to Produce

• How to Produce

• For Whom to Produce

Which of the following is NOT a Factor of Production?

• wants

• capital

• labor

• land

Which of the following is an example of a good?

• tune up

• oil change

• car wash

• car

Which of the following is an example of a service?

• windshield wipers

• floor mats

• car wash

• car

What is the fundamental problem of economics?

• labor

• capital

• utility

• scarcity

A demand curve always moves

• up

• down

• level

• squiggly

A supply curve always moves

• up

• down

• level

• squiggly

Law of Demand

• increase price = decrease demand

• increase price = increase demand

• decrease price = decrease demand

• increase price = decrease supply

Law of Supply

• increase price = decrease supply

• increase price = increase supply

• decrease price = decrease demand

• decrease price = increase supply

The point of no surplus & no shortage

• equilibrium

• price floor

• utility

• value