Economics Q4 TEST

Goods are......

• Things that are made or grown

• Work that someone does for someone else

• Things around outside in nature

• Things that cost a lot of money

Which one of these is an example of a service?

• Walking

• Professional football player

• Mailman

• Cars

What is a service?

• Work someone does at the start of each day

• Work someone does for someone else

• Work someone does for themselves

• Work someone does at home

A producer is someone who....

• Someone who buys goods

• Sells goods at the store

• Give out goods for free

• Makes or grows goods or offers services

What is a consumer?

• Someone who does work for people

• Someone who eats food

• Someone who buys good or services

• Someone who looks for things to consume

When there is not enough supply what happens?

• The consumer will make it

• The product will be made in the evening

• The product can not be made

• The product will be made faster

What does it mean to be in debt?

• You owe someone or place money

• Your company sold a lot of product

• You have all the money

• You made a lot of money

Which is an example of making a profit?

• The company used $50 but sold $45 worth of product

• A company used $40 but sold $100 worth of product

• A company used $100 but sold $40 worth of product

• the company makes $200 but used $200 to make the product

The item is so scarce the demand has risen. What does scarce mean in this sentence?

• Everyone wants the product

• Everyone has one

• To not have enough supply

• To have more than enough supply

If the demand is high the supply will.......

finish the sentence

• double

• increase

• decrease

• have enough for everybody