S3 Economics Midterm Reviewer Term 1

What is an economic system?

• It is a system where investors gain profit.

• It is a system of production and exchange of goods and services.

• It is a system that distribute available goods to specific consumers only.

• It is a system that regulates the production of specific good.

The economic group that has the need for goods and services for consumption is the __________.

• government

• consumers

• manufacturers

• business

It is one of the economic groups that regulates the economy. It imposes regulations on consumers and firms. Which of these?

• consumers

• manufacturers

• government

• banks

Which of the following describes a specific number of units buyers want to buy at a specific price?

• supply

• quantity supplied

• demand

• quantity demanded

An economic group that is responsible for producing goods and services is called __________.

• consumers

• government

• manufacturers

• market

Which of these refers to the exchange of goods and services between buyers and sellers in a convenient way?

• manufacturers

• consumers

• market

• business

How does the market help economic groups?

• market help set the price.

• market help suppliers and consumers to make decision.

• market help consumers and manufacturers trade in a convenient way.

• market help the government to get taxes.

What is the change in price level caused by the drive of supply and demand?

• demand curve

• price mechanism

• supply curve

• price monopoly

__________ refers to the quantity of the goods and services that customers want.

• demand

• price

• supply

• equilibrium

 What do you call the quantity of goods or services that the sellers want to produce?

• demand

• supply

• price

• equilibrium