Economics Study Session

What are people that buy goods and services called?
1. consumers
2. teachers
3. entrepeneurs
4. producers
What are people that provide goods and services called?
1. consumers
2. teachers
3. entrepeneurs
4. producers
What type of resources are Capital resources, Human resources, & Natural resources?
1. Consumers Resources
2. Opportunity Resources
3. Scarce Resources
4. Productive Resources
Where do natural resources come from?
1. factories
2. people
3. nature
4. all of these
What do we call the amount of a good or service that is available?
1. demand
2. scarce
3. income
4. supply
What does income minus expenses equal? (Income - Expenses = ? )
1. Proft
2. Loss
3. Either Profit or Loss
4. Neither Profit nor Loss
What is the term for ALL money made from selling a product or service?
1. income
2. expenses
3. profit
4. loss
What is something that you can touch and feel, that satisfies a wants?
1. supply
2. demand
3. good
4. service
What do we call the amount of a good or service that consumers want?
1. demand
2. scarce
3. income
4. supply
What is something that someone does for you that satisfies a want?
1. supply
2. demand
3. good
4. service
What is the best alternative NOT chosen OR second best choice?
1. supply
2. loser
3. scarcity
4. opportunity cost
What are man-made physical resources that are used to make goods are called?
1. natural resources
2. capital resources
3. human resources
4. productive resources
What do we call it when you do not have enough goods and services for everyone?
1. scarce or scarcity
2. demand
3. natural
4. all of these
What do we call goods that are brought to the U.S. from another country?
1. specials
2. locals
3. imports
4. exports
What do we call goods that are sent to other countries from the U.S.?
1. specials
2. locals
3. imports
4. exports
What 3 factors do people look at when buying a product or service?
1. price, quality, size
2. price, quality, features
3. price, size, features
4. size, quality, features
What is the key to a successful business?
1. Producing what the producer wants
2. Producing what consumers want
3. Good Advertising
4. Good Security System
How is the market price of a product that has a high supply and a low demand affected?
1. The market price stays normal or average.
2. The market price goes down.
3. The market price goes up.
How is the market price of a product that has a low supply and high demand affected?
1. The market price stays normal or average.
2. The market price goes down.
3. The market price goes up.
How is the market price of a product that has a high supply and high demand affected?
1. The market price stays normal or average.
2. The market price goes down.
3. The market price goes up.
How is the market price of a product that has a low supply and low demand affected?
1. The market price stays normal or average.
2. The market price goes down.
3. The market price goes up.
What level of our government provides the military?
1. local
2. state
3. federal
4. national
What level of our government provides the Frankfort police & Franklin County sheriff's office?
1. local
2. state
3. federal
4. national
Which is an example of a human resource?
1. teacher
2. custodian
3. doctor
4. all of these
Which is an example of a capital resource?
1. teacher
2. wood
3. screwdriver
4. all of these
Which is an example of a natural resource?
1. teacher
2. wood
3. screwdriver
4. all of these
Which is an example of a scarce resource?
1. wood
2. staples
3. diamonds
4. Expo markers
Which is an example of a good?
1. teacher teaching
2. soccer ball
3. cloud
4. all of these
Which is an example of a service?
1. teacher teaching
2. soccer ball
3. cloud
4. all of these
Which is not an example of a good or service?
1. teacher teaching
2. soccer ball
3. cloud
4. all of these

Economics Study Session

Test Prep