LF Economics Final TEST

The gap between demand and the resources available to meet them is called what?

• Opportunity Costs
• Equilibrium
• Surpluses
• Scarcity

Shelter is an example of which?

• NEED
• WANT

Your phone is an example of which of the following?

• NEED
• WANT

Wants are necessary for survival and needs are not.

• TRUE
• FALSE

Water is a an example of which of the following?

• NEED
• WANT

Giving money for a product is called which of the following?

• Economy
• Capital
• Price
• Exchange

The way a country meets the unlimited wants and needs of its population is which of the following?

• Economy
• Capital
• Price
• Exchange

If price goes up demand goes down is which of the following?

• Law of Supply
• Law of Demand

If you buy something for a higher price because you perceive it to be of a higher quality what is this?

• Economy
• Competition
• Non-price competition
• Scarcity

There are 5 Factors of Production.

• TRUE
• FALSE