Economics Review Week 1

Which is an example of a positive incentive?

• Getting grounded from video games

• Getting extra recess

• Having to walk 5 min at recess

• No allowance

Check off the negative incentives.

• No allowance

• Video games for life

• No video games

• 5 minutes at recess

Businesses offer incentives like...

• No free refills

• Bad service

• Long wait time

• Toy in a happy meal

A private ______ is something you can buy that others cannot.

What is an example of a public good?

• Street light

• Ice cream

• Your own car

• Clothes you wear

When two businesses sell the same goods or services they.....

• race

• compete

• sell more

People that buy goods and services are....

• producers

• goods

• services

• consumers

People that make the items bought by consumers are...

• producers

• consumers

• cashiers

People want to buy more if the product is...

• expensive

• cheap

People buy less if the product is...

• cheap

• expensive