Economics

What term is used to describe the study of using limited resources to fulfill wants and needs?

• Business

• Economics

• Management

Which level does macroeconomics focus on?

• Government

• Businesses

• Personal

Who is a consumer?

• a person who owns a store

• a person who works at a store

• a person who buys items in a store

What term is used to describe the difference between limited resources and wants and needs?

• Scarcity

• Opportunity Cost

• Demand

Sarah owns a book store. She is planning to stock some books by a famous author. But she has a tight budget, and she is not sure whether to stock all the previous books by the author or only the latest ones. What is the scarce resource in this scenario?

• Money

• Books

• Readers

• Space

The study of how people seek to satisfy their needs and wants by making choices

• Economics

• Supply and Demand

• Sociology

The president of the United States decides to spend more tax money on the military than education. This is an example of:

• Microeconomics

• Macroeconomics

• Economics

• Supply and Demand

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

the amount of product producers are willing to bring to the market at any price.

• quantity supplied

• total product

• theory of production

• law of supply

A decrease in the price of a good will

• increase supply.
• decrease supply.
• increase quantity supplied.
• decrease quantity supplied.