Mr. Dunn's Economic Quiz

The United States has a ___________________ economy. This means businesses are run with limited government control.

• Closed market

• Angry market

• Free market :)

• Poor

_________________________ is a measure of how much consumers WANT something.

• Supply

• Demand

• Specialization

• I don't know.

__________________ is when a business sells only ONE THING.

• Surplus

• Scarcity

• Supply

• Specialization

The money brought INto a business (BEFORE COSTS ARE PAID OFF) is called ____________________.

• Income

• Profit

• Cost

• Debt

__________________ is the SHORTAGE of a good or service.

• Scarcity

• Surplus

• Demand

• Supply

A person who makes a good or provides a service.

• Consumer

• Producer

• Market

• Cost

A person that buys goods or services.

• Producer

• Consumer

• Market

• Cost

A place that sells goods or services.

• Surplus

• Cost

• Market

• Consumer

When there is more of a good or service than what is needed (or demanded).

• Surplus

• Cost

• Producer

• Scarcity

Indiana experiences a drought during the summer. This will cause the supply of corn to __________. As a result, the price of corn will _________________.

• decrease, decrease

• increase, increase

• increase, decrease

• decrease, increase