Economics Quiz

House: Goods or Service?

• Goods

• Service

What happens to the price of a toy when more people want to buy it but there are only a few toys available?

• The price decreases

• The price stays the same

• The price increases

• The price is not affected by demand

What is a service?

• A type of product that you can touch

• A type of product that involves doing something for someone

• A type of product that is made from natural resources

• A type of product that is used in schools

Why is budgeting important?

• It helps people save money

• It allows people to spend more money

• It makes things more expensive

• It is not important

What is an entrepreneur?

• Someone who buys products from stores

• Someone who starts their own business

• Someone who works for the government

• Someone who only sells services

What does "demand" mean in economics?

• The amount of a product that stores want to sell

• The amount of a product that people want to buy

• The amount of money needed to buy a product

• The amount of products available in the market

What is a good?

• A service that is provided by businesses

• An item that people can buy or sell

• A type of money

• A type of job

What does "supply" mean in economics?

• The desire to buy products

• The amount of products available for sale

• The cost of producing products

• The number of stores selling a product

What is likely to happen if the supply of a product increases and the demand remains the same?

• The price will increase

• The price will decrease

• The price will stay the same

• The product will disappear from the market

What is a budget?

• A plan for making products

• A plan for saving money

• A plan for spending and saving money wisely

• A plan for borrowing money