Economics Test (M)

Based on the graph, what is the ideal market price?

• $5
• $7

________ are the things that people make to be sold to the public.

• goods
• services

Someone who gets paid for a job that doesn't involve making and selling a product, such as mowing lawns or cutting hair, is providing a ________.

• service
• product

Producers decide what to produce, how to make it, and sell to consumers in a ________

• market economy
• command economy

In a ________, the government decides what to produce, how it will be produced, and whom the goods should go to.

• command economy
• market economy

In a ___________, all decisions are based on beliefs and customs.

• command economy
• traditional economy

The people who buy Nike shoes are ________.

• consumers
• producers

The Nike company is a ________ of shoes and sporting goods.

• producer
• consumer

________ is the study of the making, buying, and selling of goods and services.

• economics
• geography

What happens to price when the supply of an item is high? (like the yellow, green or blue markers in our activity)

• price goes up
• price goes down