Economics Pre-test

What are goods?

• anything in the world

• only negative things that happen to consumers

• Things that are made or grown and then sold

• An activity that a business or person trades fro payment

Which of these is an example of a good?

• a toy

• a haircut

• wall painted

• lawn mowed

What is an example of a want?

• water

• shelter

• clothing

• an xbox

Which is an example of a service?

• buying lunch

• going to a movie

• visiting a doctor

• buying new shoes

What is an example of a need?

• xbox

• TV

• bike

• shelter

When you purchase something at a store are you a producer or a consumer?

• consumer

• producer

How willing people are to buy goods or services is called?

• good

• service

• demand

• resource

The total amount of a good or service that is available to buy is called

• demand

• service

• profit

• supply

When there is a high supply and low demand, then prices will go down...

• false

• true

When there is a low supply and high demand, then prices will go up.

• true

• false