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WorksheetsHow do we decide what to produce?
Total questions: 12
Worksheet time: 14mins
When goods or services are hard to get or find, we say they are......
easy.
scarce.
empty.
plentiful.
When goods, services or resources are scarce, decisions have to be made about who will have them first. We call this process.......
allocation.
consumers.
producers.
economics.
Economic resources are the goods or services available to people and businesses that are used to makes products we need and want.
True
False
The price of a product rises. What will happen to the demand for its complement?
It will contract
It will extend
It will decrease
It will increase
In what type of economy allocation do government officials determine how to produce goods/services?
Government
Command
Market
Traditional
In what type of economy allocation do individuals and firms determine what will be produced?
Government
Command
Market
Traditional
Which group do incentives influence to change their behavior?
Buyers
Sellers
Both buyers and sellers
None of these answers.
When price increases, demand....
increases
decreases
Which condition would lead to the highest prices?
Low supply, high demand
High supply, high demand
High supply, low demand
Low supply, low demand
In a market, price is determine by the interaction of:
inputs and outputs
supply and demand
push and pull factors
demand and means on distribution
If demand for a product increases beyond the ability of produces to supply the product, what will happen to the price of the product?
the price will increase
the price will decrease
the prices will stay the same
the price will decrease until producers can make more
What is government intervention?
taxes and subsidies
is any action carried out by the government or public entity that affects the market economy
when employees of the government decide to take action after contemplation whilst creating economic models to predict market economy
a consequence of an industrial or commercial activity which affects other parties in turn being reflected in market prices
