Week 3 Economics Practice

A producer is someone who makes a good or provides a service.

• A. producer

• B. consumer

• C. supplier

• D. economist

People who buy goods and services are called

• A. producers

• B. consumers

• C. suppliers

• D. economists

___________ is the amount of product people actually want or need.

• A. Demand

• B. Surplus

• C. Supply

• D. Inventory

When there's a greater supply of something than a demand for it, it's called a

• A. demand

• B. surplus

• C. supply

• D. inventory

_______________ is not having enough of something.

• A. Opportunity cost

• B. Supply

• C. Demand

• D. Scarcity

Trading goods without using money is called ______________.

• A. Purchasing

• B. Supplying

• C. Demanding

• D. Bartering

Relying on each other to get things done is called ______________________.

• A. Interdependence

• B. Trading

• C. Importing

• D. Exporting

__________ is when you buy, sell, or exchange a good or service for something else you want or need.

• A. Interdependence

• B. Trade

• C. Import

• D. Export

The government's main economic role is to use money and funds to provide ______ to citizens.

• A. goods

• B. services

• C. money

• D. jobs

What is one way the supply and demand affect prices?

• High supply, the lower the demand, the lower the prices.

• Lower supply, the lower the demand, the lower the prices

• Low supply, lower demand

• High supply, high demand