What is economics primarily concerned with?

The study of the choices people make to satisfy their wants and needs with a limited supply of resources.

The study of how money is printed and distributed by governments.

The study of historical events and their impact on society.

The study of how goods are transported across different countries.

In economics, what is a 'want'?

Something people desire or need to have.

A physical product that can be held and touched.

An action provided to someone, like a haircut.

A limited supply of resources available to society.

What does 'scarcity' mean in economics?

Having a limited supply of resources to meet the needs and wants of society.

Having an unlimited supply of resources to meet all needs and wants.

The process of producing goods and services efficiently.

The distribution of wealth among different social classes.

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

The supply will probably go up.

The supply will probably go down.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

The demand will probably go down

Introduction to Economics -FMS Lesson

27 questions

Show all answers

1.

SLIDE QUESTION

30 sec • Ungraded

2.

SLIDE QUESTION

30 sec • Ungraded

3.

SLIDE QUESTION

30 sec • Ungraded

4.

SLIDE QUESTION

30 sec • Ungraded

5.

SLIDE QUESTION

30 sec • Ungraded

6.

SLIDE QUESTION

30 sec • Ungraded

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of an entrepreneur?

To avoid work

To create and grow a business

To follow orders

To maintain the status quo

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