Basic Economics

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

What is the definition of economics?

Back

The study of the production and distribution of goods and services

Front

One of the important parts of economics is interdependence. Which of the following is an example of interdependence? Options: People make their own clothing., People often move to places that aren't as crowded., People need goods and services provided by other people., People grow their own food.

Back

People need goods and services provided by other people.

Front

How will scarcity of a capital good impact price?

Back

Price would go up

Front

How much people want something

Back

demand

Front

The making, buying and selling of goods and services

Back

economics

Front

An economic system in which individuals and businesses make decisions about what to produce.

Back

Market economy

Front

Who or what answers the basic economic questions in a command economy?

Back

Government

Front

As the supply for a product _________, the prices may go down.

Back

increases

Front

As the demand for a product increases, the prices may

Back

increase