1st 9 Weeks Test Review

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

When the demand is high, and the supplyis low the ________of goods or services goes up.

• price

• goods

• service

• consumer

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Supply and demand work hand in hand to raise and______________the price of things.

• raise

• lower

• consumer

• price

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.

• Supply

• Demand

• Factor of Production

• Production

Which of the following is not one of the three basic questions economists try to solve?

• What should be produced?

• How should it be produced?

• Who gets what is produced?

• When should it be produced?

When there is a shortage the price will usually?

• rise

• fall

• remain the same

• equilibrium

You are a __________;you buy things like video games and sneakers.

• price

• consumer

• goods

• services