Week 11 Quiz Review

What does it mean when there is a scarcity?

• price becomes more expensive

• price becomes cheaper

• price stays the same

What does it mean when there is a surplus?

• Price is more expensive

• Price is cheaper

• Price stays the same

_____________ means people want to buy something.

• economics

• culture

• demand

• supply

________________ means how much there is to buy.

• economics

• culture

• demand

• supply

If you went to the store and bought orange juice to drink, you are acting as the ______________.

• producer

• consumer

If you created art work and are selling it at an art festival, you are acting as a ________________.

• producer

• consumer

An IPad is a service.

• TRUE

• FALSE

Which of these is a service?

• typing fast on a computer

• driving your car to work

• buying cookies

• getting a haircut

What is the meaning of a service?

• they are goods

• they are free

• they are actions

What is the meaning of goods?

• they are things/items

• they are actions

• they are free