Economics

An increase in competition would have what effect on price?

• Price goes up
• Price stays the same
• Price goes down
• It explodes

If the supply of a good is higher than the demand, what happens to the price?

• It stays the same
• Price goes down
• Price goes up
• It's FREE!!

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

How much people want something

• supply
• demand

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

What might happen if the demand for a new type of XBOX began rising quickly?

• The manufacturer would begin making fewer new XBOXs

• Microsoft would raise the price of the new XBOXs

• Microsoft would stop selling the new XBOX

• Microsoft would lower the price of the new XBOX

If demand for a product increases beyond the supply, what will happen to the price?

• the price will increase

• the price will decrease

• the prices will stay the same

• the price will decrease until producers can make more