Missouri: Economics

Which of the following are true about an economy? There are two correct answers.

• in the United States we have a free-market economy- we can freely buy and trade goods and services

• it is the way that our government is divided into 3 separate branches

• in a healthy economy the demand for good and services is low

• an economy is the way a country manages its money and recourses to produce, buy, and sell goods and services

What does the term "supply" mean?

• the workforce

• the total amount of goods or services available for customers to buy

• money collected by the state and local government

What does the term "demand" mean?

• the money citizens pay the government based on their income

• materials from nature used to produce goods and services

• the total amount of goods and services that customers will buy at a certain price

When the supply is LOW and the demand is HIGH, the price will go ​ (a)  

• up
• down
• stay the same

When the supply is HIGH and the demand is LOW, the price will go ​ (a)  

• down
• up
• stay the same

Match the following

• natural resource

• tools, equipment, machinery, buildings

• capital resource

• materials from nature that are used to produce goods and services

• human resource

• goods that are used to make other goods and services

• capital resource

• the people involved in the production of goods and services

• human resource

• the "workforce"

Public good or private good?

• public good

• private good

Public good or private good?

• public good

• private good

Public good or private good?

• public good

• private good

Which of the following are a type of tax that citizens pay? There are 3 possible answers.

• income tax

• entertainment tax

• pet tax

• sales tax

• property tax