Grade 9 - Chapter 6 Quiz

Which of the following best describes: the study of the production, distribution and consumption of goods and service?

• Economics
• Supply & Demand
• Scarcity
• Competition

Explain in your own words what scarcity means?

What are the 3 Factors of Production?

• Land
• Labour
• Capital
• Supply
• Demand

In the Supply & Demand cycle explain what happens to supply and price when the demand for a product or service increases?

In the Supply & Demand cycle explain what happens to demand and price when the supply for a product or service increases?

In the Supply & Demand cycle explain what happens to demand and supply when the price for a product or service increases?

Describe what Equilibrium is and the role it has in the Supply and Demand cycle.

Describe what is meant by the public good.

Which Economic System does Canada use to solve scarcity?

• Market Economy
• Planned Economy
• Mixed Economy

Which Economic System does The United States of America use to solve scarcity?

• Market Economy
• Planned Economy
• Mixed Economy