What is the definition of a service?

Which of the following is an example of a service? Select ALL that apply.

Which of the following is an example of a good? Select ALL that apply.

Which of the following is an example of a producer? Select ALL that apply.

Which of the following is an example of a consumer? Select ALL that apply

Which of the following means the amount of goods or services consumers want or are willing to buy?

Which of the following means what you have to give up in order to make or get something else?

What is the definition of a consumer?

What is the definition of a producer?

Basic things humans need to survive __________

Not being able to meet all wants at the same time ______

“Talad Nguentra” was the first Thai economic textbook. Page 10

Which one is NOT CORRECT about “Supsart”? Page 10

Individuals who come up with a new idea for a good or service, then they make it a reality ________

Something we pay for that we can touch _______

Something we use from nature ________

The idea that resources are limited; we don't have an unlimited supply of what we want _____________

Something we pay to use for a certain amount of time _____

The study of resources such as money, materials, and labor ________

What is a need?

What is a service?

Which of the following is NOT a service?

What is given up when a choice is made____________?

The amount of money exchanged for a good or service _______.

Things that encourage or motivate to do something _________

Using goods and services _______________

Combining resources to make a good or provide a service ______

Social science is a subject that studies _________

Which of these is an example of opportunity cost?

What book, written by Smith, is considered by many to be the basis of capitalism and was Smith's most famous work? Page 9-11

What type of economic system did Adam Smith support?

Smith believed that the economy operated according to three natural laws involving this concept________

The Adam Smith believed that the government should NOT be involved/intervene in ________________

"Wealth of Nations" a book by Adam Smith presented the importance of _______________

Choose 2 that are TRUE about Adam Smith.

Smith is studying for his economics test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Smith decides to study for his test instead of watching TV. What is the opportunity cost of his decision?

Sierra has to choose between buying ice cream or potato chips. This is an example of economic ___________________________.

All economic choices require us to ____________.

The law of demand states that as the price increases then _________________________.

To access Internet services, consumers must use a computer. If computer prices fall, what is the effect on the demand for Internet services?

The diagram represents a(n) _________________.

An increase in supply is indicated by which graph?

A hurricane wipes out an orange crop in Northern Thailand, sharply affecting the supply of oranges. Which chart demonstrates this concept?

The prices for houses in Bangkok, Thailand steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

Which of the following would not shift the supply curve for iPhones?

The only thing that causes movement along a supply or demand curve is _______________.

If the demand for used cars decreases after the price of a new car falls, used cars and new cars are ______________.

If Mr. Somchai used to buy 10 units of gas at 29 Baht each liter and now buys 15 units when the price is at 22 Baht , her ___________________________.

What does the graph represent?

What does this graph represent?

What type of change is shown by this graph?

What type of change is shown by this graph?

As the price of a good at market increases, ________ will increase. As the price of a good at market decreases, ________ will decrease.

As the price of a good at market increases, __________ will decrease. As the price of a good at market decreases, __________ will increase.

The willingness to BUY a product or service based on desire or need.

The willingness to CREATE/SELL goods and services.

Thailand's Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

According to the Bangkok Post newspaper story, more Thais own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

The place where goods and services are exchanged is called ____________.

Which scenario below could cause a change in the quantity supplied to go from point C to point D on the supply curve?

The law of demand says that as prices go ________________, consumers buy _______________ of that product.

Which of the scenarios below could cause a change in the quantity demanded for gas, to go from point A to point B?

A decrease in the price of a good will _____________________.

The movement from Point A to Point B represents a(n) _________.

These are the things we desire to have.

Because of scarcity, people are forced to make _________ about how to use resources.

In economics a decision is free if:

The opportunity cost of a good is

Khao was shopping at the mall. She had B800 to spend. She found three items she liked: B750 for a pair of shoes, B700 for a jacket, and B620 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for B700. What was her opportunity cost?

Kirati was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

Limited Resources + Unlimited Wants =

Human wants are greater than the resources that are available to satisfy them.” This implies the need for

In economics, when discussing the factors of production, the term land refers to

Which of these terms is the BEST synonym for the word "entrepreneur"?

Which one of these definitions best describe Opportunity Costs?