Revision 5

What is economics?

• The study of how society uses its limited resources

• The study of how to cook food

• The study of how to build houses

• The study of how to play sports

What are resources in economics?

• Tools used for gardening

• Assets, materials, or items that people use to produce and provide goods and services

• Types of animals found in the wild

• Different types of rocks

What does supply refer to in economics?

• The amount of land in a country

• The amount of people in a market

• The amount of money in circulation

• The amount of goods available

What is demand in economics?

• The amount of goods available

• How much a product or service is wanted by buyers

• The amount of money in circulation

• The amount of land in a country

What is bartering in economics?

• Trading goods and services without money

• Selling goods and services for a high price

• Buying goods and services at a discount

• Exchanging goods and services for free

What is a command economy in economics?

• An economy where the government makes all the decisions regarding production, pricing, and distribution

• An economic system where prices are determined by unrestricted competition between businesses

• An economic system based on past practices, usually farming and trading

• An economic system combining private and public enterprise

What is a mixed economy in economics?

• An economic system combining private and public enterprise

• An economy where the government makes all the decisions regarding production, pricing, and distribution

• An economic system based on past practices, usually farming and trading

• An economic system where prices are determined by unrestricted competition between businesses

What are the basics of economics?

• Understanding how to play sports

• Understanding how resources are used

• Understanding how to cook food

• Understanding how to build houses

What does economic health refer to?

• A strong economy means more jobs, affordable goods, and a higher quality of life

• Having a lot of animals

• Having a lot of money

• Having a lot of land

What drives a market economy?

• Supply and demand; consumers and producers make decisions

• Government decisions

• Past practices, usually farming and trading

• Private and public enterprise