Economics

An object that someone can buy that can be held or touched is called a what?

• Good

• Service

• Consumer

• Producer

Buying a ticket to see a movie is an example of paying for what?

• Good

• Product

• Service

• Consumer

The desire that people have for products is called what?

• Supply

• Demand

• Need

• Good

The amount of product or service that someone has is called what?

• Demand

• Good

• Service

• Supply

Economics is the study of what?

• Ecosystems

• Chemicals

• Energy

• Money/ Wealth

When I give money for my large coffee in the morning to the cashier, I have now become a what?

• Producer

• Consumer

• Entrepreneur

• Employee

When I do not have enough supply to meet the demand of a good or service I now have a what?

• Surplus

• Product

• Shortage

• Job

Having more supply than I do demand would result in a what?

• Shortage

• Surplus

• Market Crash

• Service

In a market economy, who is mostly responsible for pricing and producing products?

• The Government

• Businesses

• Incredibly Rich People

• The King

Competition among businesses benefits who?

• The Consumer

• The Business

• Both Business and Consumer

• No One