Economics Semester 1 Exam

What are the basic requirements for survival?

• Goods

• Wants

• Services

• Needs

What is the term for a location or mechanism that allows buyers to exchange economic products?

• Goods

• Market

• Services

• Needs

What is the means of expressing needs?

• Goods

• Wants

• Services

• Market

What are tangible commodities referred to as?

• Goods

• Wants

• Services

• Needs

What are works that are performed for someone called?

• Goods

• Wants

• Services

• Needs

What is it called when supply is greater than demand?

• Equilibrium

• Shortage

• Surplus

• Economic Good

What is the term for when quantity demanded equals quantity supplied?

• Equilibrium

• Shortage

• Surplus

• Economic Good

What is it called when demand is greater than supply?

• Equilibrium

• Shortage

• Surplus

• Economic Good

What does economic need mean?

• Resources needed to survive.

• The number of products consumers want to buy.

• Desires that can be satisfied by consuming a good, service, or leisure activity that are not necessary for survival.

• The number of products available for sale.

What does economic want mean?

• Resources needed to survive.

• The number of products consumers want to buy.

• Desires that can be satisfied by consuming a good, service, or leisure activity that are not necessary for survival.

• The number of products available for sale.