Understanding Basic Economics Concepts

Front

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

Back

Supply

Front

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

Back

Demand

Front

Which of the following is an example of a service? A car, A haircut, A book, A computer

Back

A haircut

Front

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

Back

Goods

Front

Which of the following is NOT considered an economic resource? Land, Labor, Money, Time

Back

Money

Front

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

Back

Scarcity

Front

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

Back

Choice

Front

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

Back

Consumers and producers

Front

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

Back

Barter

Front

Which of the following is an example of a good? Teaching, A bicycle, Cleaning, Cooking

Back

A bicycle