ECONOMICS TEST REVIEW

Front

Choose the correct definition of scarcity

Back

Scarcity is when there aren't enough goods to meet people's wants.

Front

Which one of these lists goods? food, clothes, toilet paper, teachers, nurses, doctors, farmers, grocery stores, truck drivers

Back

food, clothes, toilet paper

Front

Why is this an example of supply and demand? Options: The stores ran out of meat because the people had a big need! The stores had a lot of meat because the people didn't want it. The stores ran out of meat because the people didn't want it.

Back

The stores ran out of meat because the people had a big need!

Front

When are goods priced high?

Back

When there is high demand for a good, but not a lot of that good available.

Front

When are goods priced low?

Back

When there is low demand for the good, and a lot of that good available

Front

What is a consumer?

Back

A person who buys and uses goods

Front

What is a producer?

Back

A person who makes and sells goods.

Front

Which is an example of a consumer?

Back

you and me

Front

Which is an example of a producer?

Back

a farmer

Front

Which is an example of a service? Options: driving a bus, buying groceries

Back

driving a bus