Basic Economics

What is the core idea in economics that refers to the limited availability of resources?

• Scarcity

• Abundance

• Inflation

• Wealth

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Analyzing

When the supply of a product is high and the demand is low, what happens to the price?

• The price goes down

• The price goes up

• The price remains the same

• The price fluctuates

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Applying

Economics is primarily concerned with how people make choices when they don't have ___ resources.

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Analyzing

If the demand for a product is high but the supply is low, what is the likely effect on the price?

• The price goes up

• The price goes down

• The price remains stable

• The price is unaffected

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Applying

What should people be thoughtful about due to the scarcity of resources like oil?

• How to use resources wisely

• How to increase resources

• How to ignore scarcity

• How to waste resources

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Evaluating