Economics Review

What do you call the study of how people/societies satisfy their needs and wants?

What are the physical items that people buy to satisfy their needs and wants?

What do you call goods or services that are essential for life?

What term is used to describe a person or group that buys and uses goods and services?

Who are the individuals or businesses involved in the making and distributing of goods and services?

What do you call the work done for you by others to satisfy your needs and wants, ie: nurses, mechanics , musicians

The Law of __________ & __________ often determines what to charge for a good or service.

Best Buy bought too many microwaves and have not been able to sell them all. What would you expect to happen to the sale price of the microwaves?

• price goes up

• price goes down

• price stays the same

Tornadoes have led to the destruction of machinery in several oil fields. What may consumers expect to see with regard to sale prices of products that contain oil

• prices go up

• prices go down

• prices stay the same

Imagine there are 2 fruit stands across the street from one another.

Joe's stand is always busy and people are willing to wait in long lines to get fruit.

Mary, however finds that they she longer gets as many customers as she once did even though her fruit is good quality.

What might Mary do to increase sales of fruit?

• raise her prices

• lower her prices

• Nothing. Customers will return when Joe runs out of fruit.