EPF 2 Part 1

What is a producer?

• people who make or grow fruits and vegetables

• people who make or grow goods and provide services

• people who make or sell goods

• people who make or sell goods and service

What is a consumer?

• people who buy or use goods to satisfy their wants.

• people who buy what they want even if they don't want it

• people who buy or use goods and services to satisfy their wants.

• rich people

What factors must a consumer have to use/buy a good or service?

• Desire

• Wisdom

• Ability

• Willingness

Why do consumers buy and use economic goods?

• to satisfy their wants and needs

• to satisfy other people

• to satisfy their appetite

• to satisfy their needs

What do producers use to create economic goods and services?

• Salt

• Weave

• Products

• Resources

What are the three economic questions society must answer?

• What

• Where

• How

• Who

What is defined as the WHO in the three economic questions?

• consumes the goods produced

• consumes the goods and services produced

• consumes the services created

• consumes Chic-Fil-A

WHAT must all economic systems determine?

• how to allocate productive resources

• how to allocate profits

• how to allocate revenue

• how to allocate time

All economic systems must determine which goods and services will be available for _______ use and which for ______ use.

Goods and services are consumed by those who are willing and able to pay the market price.

• True

• False