Basic Economics and Rent Control

Economics is the Study of...

• Money

• Stocks

• The use of scare resources

• Supply and Demand

What does scarce mean?

• More for use to have

• Less for us to have

• The same for use to have

• What everyone wants adds up to more than there is

Select one principle of the Law of Supply and Demand?

• As the price increases, supply rises while demand declines

• People buy more of something when it costs more

• As the price decreases, demand decreases

• People buy less when things cost less

A single pencil can be made in home many countries?

• 1

• 5

• 10

• We can't determine

The law of demand holds that the demand level for a product or a resource will decline as its price rises, and rise as the price drops

• True

• False

The law of supply says higher prices boost supply of an economic good while lower ones tend to diminish it.

• True

• False

What is inflation?

• Inflation is when the banks close

• Inflation is a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services

• Inflation is a decrease in the rise of the general price level

• Inflation is when the government shuts down

Why does inflation happen?

• When there is no money in the economy

• When there is too much money in the economy

• When the government prints too much money without the economy producing goods and services

• When there is too much money and people are financially independent

What is Rent Control

• Banks taking money from people and controlling what they do with it

• Government regulation of the amount charged as rent for housing and often also of eviction.

• Government Regulation of schools and education

• Banks controlling peoples homes

As of 2022 how many states have some form of Rent Control

• 2

• 5

• 6

• 7