Mid-Term Exam Economics

Opal saved money in the bank. From doing this, she earned _______.

• Interest

• Invest

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Type of economic system where there is no government control.

• Mixed
• Market
• Free Enterprise
• Command

Type of Economy that is half command and half market

• Traditional
• Command
• Market 
• Mixed

not being able to meet all wants at the same time

• demand

• supply

• scarcity

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise

An increase in competition would have what effect on price?

• Price goes up
• Price stays the same
• Price goes down
• It explodes

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

If the supply of a good is higher than the demand, what happens to the price?

• It stays the same
• Price goes down
• Price goes up
• It's FREE!!