Economy Quiz

In what type of economy does the government make all the economic decisions?

• Communism
• Free Enterprise
• Socialsm
• Traditional

A basic economic system where customs and traditions shape how goods are made and traded

• Communism
• Free Enterprise
• Socialism
• Traditional

Tropical storms have destroyed some orange orchards. With less oranges available, what is likely to happen to the price of oranges?

• The price would increase
• The price would stay the same
• The price would go down

Why did Target lower the price on the ugly shirt?

• The supply of the shirt was low
• The demand for the shirt was low

When the demand for a product is higher, the price ________________.

• increases

• decreases

• stays the same

• automatically doubles

A person who makes a product in the product market is called ___________________.

• Consumer

• Clerk

• Worker

• Producer

A person who purchases a product is called a ________________________.

• Producer

• Consumer

• Client

• Banker

The money left over after a business pays for its costs is called a ________________.

• Producers

• Consumer

• Entrepreneur

• Profit

There is a _________________ for a product when consumers want to buy it.

• Demand

• Supply

• Request

• Opportunity Cost

There is a big concert event in your town and everyone wants to go. There is a ____________ of tickets.

• Supply

• Scarcity

• Credit

• Cost factor