Economics Basics, Supply & Demand Review

Economics is all about...

• Money

• Supply & Demand

• Decisions

• Graphs

There are limited resources in the world. What is this known as?

• Scarcity

• Shortage

• Trade-off

• Entrepreneurship

The value of what you miss out on by not making a certain decision.

• Scarcity

• Opportunity Cost

• Economics

• Quantity Demanded

Which factor of production is a nurse?

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production is a river?

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production is a forklift?

• Land

• Labor

• Capital

• Entrepreneurship

Which of the following best describes how involved the U.S. government gets in the economy?

• A ton

• A little bit

• Not at all

Who owns the factors of production in the U.S. economy?

• Private citizens

• The government

• Aristocrats

• The 1%

According to the law of demand, as price increases, quantity demanded will...

• Increase

• Decrease

• Stay the same

If Old Navy has a 30% off sale, the quantity demanded of Old Navy t-shirts will...

• Increase

• Decrease

• Stay the same