WorksheetsPersonal Finance Week 1 Quiz
Total questions: 15
Worksheet time: 9mins
What do we call it when people want to buy a certain thing?
Demand
interest
curiosity
economics
What is another term for the thing that people want to buy?
demand
economics
interest
supply
If there is more demand than there is supply, what will happen?
The product/goods becomes more expensive.
Things for free!
The prices come down!
Buy-one-get-one-free!
If there is more supply than there is demand--what can happen?
The price doubles.
The products/goods become more expensive!
The product becomes harder to find in stores.
The product can become cheaper/less expensive
What happens when there is too much money and too few goods/products?
Prices go lower?
Recession
economics
inflation
Inflation has (slowly) over time affected this coffee. What happened?
The coffee got less expensive.
There is more coffee now.
There is less coffee now.
The price of coffee has gone up.
Money that has a value as something other than money.
Fiat Money
Commodity Money
Currency
Coins
Inflation reduced people's purchasing power because
the same amount of money buys ore goods and services
the same amount of money buys fewer goods and services
the market basket has to be changed every year
there is not enough money in the economy
Money or other items generally accepted as payment for goods and services.
Measure of value
Medium of exchange
Scarcity
Store of Value
Why can’t you always get what you want? (one word)
(a)
Why is it important for us to understand scarcity?
To ignore the concept of limited resources
To make informed decisions and prioritize needs
To ensure we have unlimited resources
To avoid making any decisions
