Unit 2-3 Key Terms Quizizz

What is microeconomics?

• Microeconomics analyzes the behavior of large corporations in the economy.
• Microeconomics focuses on government policies and regulations.
• Microeconomics is the study of individual economic agents and their interactions in markets.
• Microeconomics is the study of global economic trends.

Who was Adam Smith? What landmark book did he publish in 1776?

• Adam Smith was a famous painter from the 18th century.
• Adam Smith published 'The Principles of Economics' in 1776.
• Adam Smith wrote 'The Theory of Moral Sentiments' in 1776.
• Adam Smith published 'The Wealth of Nations' in 1776.

What is capitalism?

• Capitalism is a system where the government controls all production.
• Capitalism is based on communal ownership of resources.
• Capitalism promotes equal distribution of wealth among all citizens.
• Capitalism is an economic system characterized by private ownership of the means of production and their operation for profit.

What is supply (in economics)?

• Supply is the quantity of a good or service that producers are willing to sell at different prices.
• Supply refers to the demand for a product in the market.
• Supply is the total amount of money a business has.
• Supply is the number of consumers interested in a product.

What is demand (in economics)?

• Demand is the total amount of goods produced in an economy.
• Demand refers to the supply of goods available in the market.
• Demand is the price at which goods are sold.
• Demand is the quantity of a good or service that consumers are willing and able to purchase at various prices.

The law of demand states that, all else being equal, as the price of a product increases, the quantity demanded ____.

• Increases

• Decreases

• Stays the same

• Doubles

What is the law of supply?

• As price increases, supply decreases

• As price decreases, supply increases

• As price increases, supply increases

• Supply is constant regardless of price.

Laissez-faire is a policy of:

• Government control

• Minimal government interference

• Maximum taxation

• None of the above.

Free trade is characterized by:

• High tariffs

• No tariffs

• Government subsidies

• Trade restrictions

The concept of scarcity implies that: A) Resources are unlimited B) Resources are limited C) Demand is always met D) Supply is always met.

• Resources are unlimited

• Resources are limited

• Demand is always met

• Supply is always met