Understanding Basic Economics Concepts

What is the term for the amount of a product that producers are willing and able to sell at a given price?

• Demand

• Supply

• Scarcity

• Barter

What do we call the desire and ability of consumers to purchase goods and services at different prices?

• Supply

• Demand

• Trade

• Market

Which of the following is an example of a service?

• A car

• A haircut

• A book

• A computer

What is the term for physical items that can be bought or sold?

• Services

• Goods

• Resources

• Choices

Which of the following is NOT considered an economic resource?

• Land

• Labor

• Money

• Time

What is the term for the limited nature of society's resources?

• Abundance

• Scarcity

• Surplus

• Demand

What do we call the decision-making process of choosing between different alternatives?

• Supply

• Choice

• Demand

• Trade

In a market economy, who makes the decisions about what goods and services to produce?

• The government

• Consumers and producers

• Banks

• Schools

What is the term for exchanging goods and services without using money?

• Trade

• Barter

• Supply

• Demand

Which of the following is an example of a good?

• Teaching

• A bicycle

• Cleaning

• Cooking