Producers, Consumers, and Economic Choices Quiz

What is an example of a producer?

• A man buying groceries

• A factory making computers

• A woman getting a haircut

• A person eating a candy bar

What is an example of a consumer?

• A factory making candy bars

• A technician repairing computers

• A company selling candy bars

• A man buying groceries

What is a candy bar classified as?

• A producer

• A resource

• A good

• A service

What is scarcity?

• Restricted; may not remain available

• The lack of resources needed to purchase or produce all goods and services people want

• Something that never ends or runs out

• Something used to make goods and services

Which of the following is an example of a resource?

• A haircut

• Trees

• A candy bar

• A consumer

What happens when demand for an item is greater than supply?

• There is a surplus

• Price goes up

• Price goes down

• The item becomes a resource

What happens when supply of an item is greater than demand?

• Price goes up

• There is a shortage

• Price goes down

• The item becomes unlimited

What determines the price of a good or service?

• Supply and demand

• Scarcity

• Resources

• Unlimited wants

What is an example of a local exchange?

• Shipping lumber to another region

• Ordering goods online from another state

• Using drones for delivery

• Buying groceries from a local store

What is an example of a regional exchange?

• Getting a haircut in your community

• Selling lumber to a hardware store in another division

• Buying groceries from a local store

• Using pet-sitting services locally