Economics Test

Front

What is a producer?

Back

A producer is someone who creates goods or services. For example, a teacher produces knowledge.

Front

What is a consumer?

Back

A consumer is someone who buys and uses goods or services. For example, a person buying books.

Front

What is income?

Back

Income is the money that a person earns, usually from a job. For example, Mrs. Melvin's paycheck is her income.

Front

What is a risk for an entrepreneur?

Back

A risk for an entrepreneur is that their business might not make enough money.

Front

What happens to the price when demand is high and supply is low?

Back

The price will go up.

Front

What is a budget?

Back

A budget is a plan for how to spend money.

Front

What is spending?

Back

Spending is using money to buy goods or services.

Front

What is the role of a banker?

Back

A banker helps people manage their money, including saving and lending.

Front

What is an example of a good?

Back

A good is a physical item that can be bought or sold, like a car.

Front

What is a service?

Back

A service is an action that someone does for someone else, like teaching.