Economy Standards Quiz

Which of the following are true about an economy.

*Name two answers*

• in the United States we have a free-market economy- we can freely buy and trade goods and services

• It is the way that our government is divided into three separate branches

• in a healthy economy the demand for goods and services is low

• an economy is the way a country manages its money and resources to produce, buy, and sell goods and services

What does the term "supply" mean?

• the workforce

• the total amount of goods or services available for customers to buy

• money collected by the state and local government

What does the term "demand" mean?

• the money citizens pay the government based on their income

• materials from nature used to produce goods and services

• the total amount of goods and services that customers will buy at a certain price

When the supply is LOW and the demand is HIGH, the price will go..

• Up

• Down

When the supply is HIGH and the demand is LOW, the price will go...

• Up

• Down

the people involved in the production of goods and services

• Human Resource

• Natural Resource

• Capital Resource

materials from nature that are used to produce goods and services

• Human Resource

• Natural Resource

• Capital Resource

the "workforce"

• Human Resource

• Natural Resource

• Capital Resource

goods that are used to make other goods and services

• Human Resource

• Natural Resource

• Capital Resource

tools. equipment, machinery, buildings

• Human Resource

• Natural Resource

• Capital Resource