Economics basics

Poll

Do you know what economics is?

• Yes

• NO

• A little

Multiple Choice

The study of how people meet their needs and wants

• land

• labor

• capital

• economics

Multiple Choice

Which of the following is NOT a factor of production?

• land

• labor

• cars

• capital

Multiple Choice

How much of an item is available

• scarcity

• opportunity cost

• supply

• demand

Multiple Choice

What you give up vs what you get

• scarcity

• opportunity cost

• supply

• demand

Multiple Choice

having a limited amount of resources

• scarcity

• opportunity cost

• supply

• demand

Multiple Choice

the desire people have for a product

• scarcity

• opportunity cost

• supply

• demand

Multiple Choice

What businesses offer to get you to buy something

• producer

• consumer

• incentive

• market

Multiple Choice

a person who buys goods or services

• producer

• consumer

• incentive

• market

Multiple Choice

an organized way to trade goods and services

• producer

• consumer

• incentive

• market

Multiple Choice

people or businesses that make products

• producer

• consumer

• incentive

• market

Multiple Choice

focusing on just one service or product

• profit

• specialization

• competition

• inflation

Multiple Choice

The money a business makes after they subtract their expenses

• profit

• specialization

• competition

• inflation

Multiple Choice

an increase in prices

• profit

• specialization

• competition

• inflation

Multiple Choice

A store having a 50% off sale is an example of

• profit

• specialization

• competition

• inflation

Multiple Choice

economic decline for 6 months or more

• profit

• specialization

• competition

• recession

Multiple Choice

Can you trade goods or services without money?

• Yes

• No