Assignment 3 Quiz

Who is someone that makes a good or provides a service?

• producer

• consumer

• supplier

• economist

What are people who buy goods and services called?

• producers

• consumers

• suppliers

• economists

When a CONSUMER doesn't buy enough of a good or service it may cause PRODUCERS to ______ the cost of it.

• raise

• lower

• remove

• cancel

What is the amount of product that is available?

• Demand

• Surplus

• Supply

• Inventory

What is the amount of product people actually want or need?

• Demand

• Surplus

• Supply

• Inventory

What is it called when there is a bigger supply of something than the demand for it?

• Demand

• Surplus

• Supply

• Inventory

What is not having enough of something?

• Opportunity cost

• Supply

• Demand

• Scarcity

Which of the following is the result of scarcity of water?

• Plenty of crops

• Plenty to eat

• Fewer crops for harvesting

• Easy production of electricity

What is the product a person gives up when having to make a choice?

• opportunity cost

• supply

• demand

• scarcity

When facing a purchasing decision, which of the following is a good thing to do?

• purchase immediately

• do not look up the cost

• seek advice

• research after buying