CE 11 - Economics

a consumer's willingness and ability to purchase a good or service

• supply
• producer
• demand
• incentive

the amount of a product or service that is available for consumers to buy

• demand
• supply
• incentives
• producer

actions, awards or rewards that influence the choices people make

• market economy
• voluntary exchange
• incentives
• competition

Man-made resources used in the production process i.e. machines in a factory.

• Labour
• Capital
• Household
• Revenue 

Which condition would lead to the highest prices?

• Low supply, high demand
• high supply, high demad
• High supply, low demand
• Low supply, low demand

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

What a business has left after all the bills have been paid?

• supplies
• taxes
• profit
• debt

Which economic system allows the government to decide the Means of Production?

• Command
• Market
• Traditional
• Mixed

There are four types of economic systems.  Most economies in the world are _____ economic systems. 

• Traditional 
• Command 
• Market 
• Mixed

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 

• Traditional 
• Command 
• Market
• Mixed