Economics Quiz/Review!

What is a market economy?

• someone who makes goods or provides services

• the kind of economic system we have in our country

• money or value gained

• someone who buys goods or services

What is a producer?

• someone who buys goods or services

• someone who makes goods or services

• when businesses sell the same good or service

What is a consumer?

• Someone who buys goods or services

• Someone who makes goods or services

• value gained or money

• kind of economic system we have

What is profit?

• the kind of economic system we have in our country

• the amount of a product or service

• money or value gained

What is demand?

• when businesses sell the same good or service

• the amount of a product or service that is available for consumers to buy

• consumers' willingness and ability to purchase a good or service

What is supply?

• the consumer is king since consumer decisions determine what is produced

• the amount of a product or service that is available for consumers to buy

• when businesses sell the same good or service

What is competition?

• consumers' willingness and ability to purchase a good or service

• the amount of a product or service that is available for consumers to buy

• when businesses sell the same good or service

What is consumer sovereignty?

• the amount of a product or service that is available for consumers to buy

• when businesses sell the same good or service

• the consumer is king since consumer decisions determine what is produced

What does it mean to be employed?

• To be jobless, looking for jobs, and available to work

• To have a job

• To be jobless, not looking for a job or disabled

What does it mean to be unemployed?

• To have a job

• To be jobless, looking for a job, and available to work

• To be jobless, not looking for a job, or disabled