Microeconomics Quiz (SSEMI1 - SSEMI3)

How do individuals contribute to the circular flow of economic activity? (SSEMI1)

• Business purchase productive resources in product markets.

• Individuals provide labor for factor markets and buy goods in product markets.

• Individuals buy productive resources from factor markets and provide labor for products markets.

• Businesses purchase productive resources in product markets.

In the picture of the CFM, what market do individuals sell their labor? (SSEMI1)

• Product Market

• Demand Market

• Government Market

• Factor Market

In the Circular Flow model, where do firms sell their products? (SSEMI1)

• factor markets

• government markets

• product markets

• demand markets

Where do factors of production (land, labor, etc) come from in the circular flow model? (SSEMI1)

• Factor Market

• Product Market

• Firms

• Individuals

2 sector model showing how businesses & households interact (SSEMI1)

• Circular Flow Diagram

• Demand Curve

• Supply Curve

• Price Controls

A person who buys goods and services. (SSEMI2)

• consumer

• entrepreneur

• resource

• currency

How much people want something. (SSEMI2)

• supply

• demand

Something we pay for that we can touch. (SSEMI2)

• goods

• services

The place where goods and services are exchanged. (SSEMI2)

• barter

• currency

• market

• resource

Something we pay to use for a certain amount of time (SSEMI2)

• services

• goods