EPF Final Review #5: Economics

Economics studies....

• How weath is distributed

• How wealth is created

• How individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs

Macroeconomics focuses on...

• Individuals, businesses and markets

• Markets, supply and demand

• Investment and consumer decisions

• Countries and governments

Businesses will produce what customers demand. This is called...

• Consumer Demand

• Consumer Sovereignty

• Consumer

  Choice

Services include...

• A landscaper

• A shovel

• A plant

Businesses and individuals that provide good are called producers.

• True

• False

Select all the goods.

• Police

• Phone

• Lawyer

• Clothes

Microeconomics focuses on...

• Individuals and businesses

• The economy as a whole

• Countries and governments

An opportunity cost is...

(mark all that are correct)

• what a person gives up when making a particular choice.

• when you only have one choice.

• also called a "trade off."

• something that can be financial and/or personal.

Consumers create demand for products.

• True

• False

The Law of Demand is...

• The demand for a product will lower as the price increases, and demand will rise if the price decreases.

• The demand for a product will rise as the price increases, and the demand will lower if the price decreases.