M1 What is Economics? Feb 21, 2023

What is the definition of a good?

• anything that can be produced or grown

• something that someone does for someone else in exchange for money

• something you like

• an expert in something

What is the definition of a service?

• anything that can be produced or grown

• something that someone does for someone else in exchange for money

• something you like

• an expert in something

Which of the following is an example of a service? Select ALL that apply.

• Burger King

• sofa

• teaching

• construction

Which of the following is an example of a good? Select ALL that apply.

• a shirt

• a phone

• a haircut

• a teacher

Which of the following is an example of a producer? Select ALL that apply.

• a doctor

• a lawyer

• a person buying candy

• a person eating ice cream

Which of the following is an example of a consumer? Select ALL that apply

• a teacher

• a scientist

• someone in a movie theatre seeing a movie

• a person buying sushi

Which of the following means the amount of goods or services consumers want or are willing to buy?

• supply

• demand

• consumer

• producer

Which of the following means what you have to give up in order to make or get something else?

• producer

• market price

• consumer

• opportunity cost

What is the definition of a consumer?

• anything that can be produced or grown

• something that someone does for someone else in exchange for money

• anyone who buys a good or service

• someone who creates or manufacture a good or service

What is the definition of a producer?

• anything that can be produced or grown

• something that someone does for someone else in exchange for money

• anyone who buys a good or service

• someone who creates or manufacture a good or service