Economics Quiz

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

• supply

• demand

• buyer

• seller

Why would a business want to spend their money to invent new items?

• They can save money

• They will fix broken items

• They can buy cool goods

• They can make new goods to sell

Tags

CCSS.RI.2.1

CCSS.RI.3.1

CCSS.RL.1.1

CCSS.RL.2.1

CCSS.RL.3.1

What is supply?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

What is profit?

• the money you have left over after you paid your bills

• how many people want your good/service

• the amount of an item you have

• none of these

Opal saved money in the bank. From doing this, she earned _______.

• Interest

• Invest

iPhone X just came out and many people want it. What will happen to the price?

• 
• 

A new bakery comes to town. Now there are more options for a bakery. What will happen to the price?

• 
• 

If a resource is scarce

• there is a shortage and unlimited wants in a world of limited resources
• to be extremely rare and expensive