Economics Quiz practice 1

What is economics?

• The number of consumers who want to buy an item

• When there is not enough supply to meet the demand of consumers

• The study of how things (goods and services) are made, moved around, and used by people

• The person that makes the goods

What is scarcity?

• When there is not enough supply to meet the demand of consumers

• The person who buys and/or uses goods and services

• Items we need in order to survive

• The amount of an item produced for sale

What is supply?

• The amount of an item produced for sale

• When there is not enough supply to meet the demands of consumers

• opportunity cost

• The person that makes the goods

What is an example of demand?

• Giving up my dream of a chicken coup in exchange for a backyard

• 12 people want chickens

• 12 people want and are able to buy 35 chickens each

• The person that makes the goods

What is a consumer?

• The person that makes the goods

• The person who buys and/or uses goods and services

• The number of consumers who are able to buy an item

• The amount of an item produced for sale

Which of the following is a need?

• Xbox

• Food

• Bike

• TV

Which of the following is a want?

• Food

• Water

• Limo

• Shelter

What is a producer?

• The person who buys and/or uses goods and services

• The amount of an item produced for sale

• The person that makes the goods

• When a plant makes its own energy

What is opportunity cost?

• The thing you lose in order to have something else

• The result of an economic decision

• The number of consumers who want and are able to buy an item

• When there is not enough supply to meet the demand of consumers

What are consequences?

• The thing you lose in order to have something else

• The amount of an item produced for sale

• Items we need in order to survive

• The result of an economic decision