Ch 6 Economics Quiz

People who produce goods and services.

• producer

• consumer

• market

Lack of available resources.

• services

• scarcity

• goods

Someone who buys or uses goods and services.

• producer

• services

• consumer

Products that can be bought and sold.

• producer

• goods

• services

Work that is done by others.

• services

• consumer

• economics

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

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.