Economics Quiz

What is the definition of a Resource?

• a good or service

• anything used to produce goods and services

• the study of production

• something that can be sold

A _______ is any action that one person or group does for another in exchange for payment.

If the demand for a product is high, the price should be _____.

• low

• free

• high

We can never have all we want of every good and service. This is called _____.

• Goods

• Scarcity

• Production

• Services

______ is the process of changing raw materials into economic goals that can be used to satisfy the need and wants of consumers.

• Process

• Produce

• Production

• Pineapple

____ is the study of how things are bought and sold.

Example of a good....

• haircut

• taxi

• soda

• bus driver

Example of a service....

• Haircut

• Soda

• Shoes

• Sky

The total amount of a good or service for consumption is called _____.

• Good

• Demand

• Supply

• Service

If an item has low demand and the supply is high.....the price should be

• high

• free

• low