Economics

The idea that we are unable to satisfy all of our wants and needs because resources and goods are limited is known as -

• supply

• demand

• scarcity

• consumption

Price is usually determined by the interaction of -

• expenses and profit

• supply and demand

• monetary and fiscal policy

• business and government economic flow

Tags

NGSS.HS-ETS1-3

When consumers are willing to purchase more goods and services than what is being produced, what usually happens?

• prices increase

• prices go down

• consumers gain money

• shops and factories go out of business

Businesses most frequently participate in the economic circular flow of resources by -

• consuming products

• providing investment capital to expand

• providing public goods and services by use of tax dollars

• buying resources and making products to sell to consumers

Which economic concept is represented by the vehicle in this political cartoon?

• trade

• profit

• demand

• incentive

Use the diagram to answer the question below. Which term best completes this economic flow?

• taxes

• income

• savings

• investment

Use the excerpt to answer the question below. "The North American Free Trade Agreement (NAFTA) went into effect on January 1, 1994. This agreement removed most barriers to trade and investment among the United States, Canada, and Mexico." This agreement is an example of how the United States takes part in a -

• financial plan

• military pact

• global economy

• regulatory organization

The image shows people receiving forms after paying for entrance to the National Park. What is this an example of?

• sales tax

• corporate fees

• one way government pays for goods and services

• revenue gained from the Environmental Protection Agency

Jerrod opened a booth at a flea market to sell paintings. This is an example of which economic concept?

• scarcity

• capital

• corporation

• entrepreneurship

There are many definitions of Economics, but for modern economists, it is:

• an inquiry into the nature and causes of the wealth of nations

• a social science

• the study of how man allocates scarce resources, which have alternative uses, to achieve given goals

• a practical science of the production and distribution of wealth

Tags

NGSS.HS-ETS1-3