CE.11A Basic Economics

Laptops are in high demand but there are not enough to satisfy the needs of all students. This is called

• Opportunity Costs

• Demand

• Supply and Demand

• Scarcity

Mya decides to spend her afternoons hanging out with friends instead of studying for her exam. What is her opportunity cost?

• Making friends

• Being prepared for her exam

• Going to the mall

• Being late for school

Natural, capital and human resources are all used to make a t shirt. This is an example of

• Supply

• Demand

• Consumption

• Production

When John orders food from McDonald's, he is considered

• The consumer

• The supplier

• The decision maker

• Opportunity costs

During a hurricane, the grocery store decided to charge twice as much for bottles of water. This is an example of

• Supply

• Demand

• Scarcity

• Opportunity cost

The iphone X26 was released in March at the price of $999.99 but no customers bought the phone. Apple reduced the price to $750.00 and the iphone x26 sold out. This is an example of

• Supply

• Demand

• Choice

• Consumption

A printing press is used to make designs for shirts. This is an example of what type of resource?

• Natural

• Human

• Capital

• Entrepreneur

To start his new restaurant, Al had to borrow money from the bank. This is considered which type of resource?

• Natural

• Human

• Capital

• Entrepreneur

Mike purchased a brand new truck from the dealership. The dealership offered Mike a 5% discount off the price of the truck if he got his loan from the dealership. This is an example of

• Choice

• Demand

• Price

• Incentive

Denise Smith walks into 7 Eleven and notices that a bag of Doritos cost $1.75. This is considered

• Supply

• Demand

• Price

• Incentive