Economic Principles and Consumer Behavior

The video tutorial explains the basic economic concepts of producers and consumers, scarcity, and how these affect pricing. It discusses the role of majority rule and sharing in markets, the influence of contests and government decisions, and the impact of price and lottery systems on consumer demand. Additionally, it covers distribution methods like 'first come, first served' and the negative consequences of using force to obtain goods.

What happens to the price of a product when it becomes scarce?

• The price decreases.

• The price remains the same.

• The product is given away for free.

• The price increases.

Who are considered consumers in the market?

• People who regulate goods and services.

• People who make goods and services.

• People who store goods and services.

• People who buy goods and services.

What is the effect of majority rule on businesses?

• Businesses will continue selling regardless of demand.

• Businesses will stop selling if most people stop buying.

• Businesses will increase prices if demand decreases.

• Businesses will reduce production if demand increases.

How can sharing be demonstrated in a community?

• By buying more than needed.

• By selling goods at a higher price.

• By volunteering to help those in need.

• By keeping resources to oneself.

What is a common way to win a contest?

• By being the first to arrive.

• By guessing the number of items in a jar.

• By purchasing the most tickets.

• By paying a higher price.

How does the government influence the economy in some countries?

• By selling goods directly to consumers.

• By allowing producers to set their own prices.

• By deciding what goods to make and their prices.

• By buying all the goods produced.

In a free market, who decides the price of goods?

• The government.

• The consumers.

• The producers.

• The international market.

What is a lottery used for in distribution?

• To sell tickets at a higher price.

• To randomly select who can buy tickets.

• To give tickets to the first in line.

• To ensure everyone gets a ticket.

What does 'first come, first served' mean?

• Tickets are given to those who arrive first.

• Tickets are given to those who pay the most.

• Tickets are given to those who need them most.

• Tickets are given to those who guess correctly.

What are the consequences of using force to obtain goods?

• It results in a reward.

• It can lead to trouble at school or jail.

• It is encouraged by the community.

• There are no consequences.