Economy for Beginners

When the supply of a product or service goes up and the demand stays the same the price will typically do what?

• rise

• fall

• stay the same

• Consumer

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.
• The price will go down.

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will go up.
• The price will go down.

An Entrepreneur

• owns his/her own company

• is a teacher

• works at Chick Fil A

• is a NASCAR driver

Which of the following is a capital resource?

• sewing machine

• money

• scissors

• All of the above

Who is a consumer?

• A person who buys goods and services.
• A smart shopper
• A person who makes and sells goods and services.
• Someone who spends money constantly. 

What are goods?

• Things in the world.
• Things that are made or grown and then sold.
• Only positive things that happen to consumers.
• An activity that a business or person trades for payment.