Question 1

Is the study of the way a place uses its money, goods, and services

Accepted Answer

economics

Answer

currency

Answer

seller

Answer

supply

Question 2

____________________ is a person who buys good and services

Accepted Answer

buyer

Answer

seller

Answer

demand

Answer

trade

Question 3

Which of the following is a service?

Accepted Answer

haircut

Answer

telephone

Answer

apple

Answer

ladder

Question 4

Which of the following is a good?

Accepted Answer

video game

Answer

a doctor

Answer

a seller

Answer

a teacher

Question 5

A _______________ is a person who sells goods and services to other people

Accepted Answer

seller

Answer

exchange

Answer

buyer

Answer

economics

Question 6

What does it mean to exchange?

Accepted Answer

to swap or give up one item for another

Answer

to buy something

Answer

to buy services with money

Answer

to sell something

Question 7

__________________ is the number of people who want or need something

Accepted Answer

demand

Answer

trade

Answer

scarcity

Answer

supply

Question 8

_________________ is the amount of something that is available

Accepted Answer

supply

Answer

demand

Answer

scarcity

Answer

demand

Question 9

_____________________ is what happens when an items is hard to find

Accepted Answer

scarcity

Answer

trade

Answer

demand

Answer

supply

Question 10

A system of money

Accepted Answer

currency

Answer

supply

Answer

buyer

Answer

demand

Question 11

What might happen if the demand for a new sneaker began to quickly rise?

Accepted Answer

the price of the sneaker would go up

Answer

more sneakers would be made

Answer

People would refuse to buy

Answer

the sneaker price would be lowered

Question 12

A person who takes risks and starts a new business is called an

Accepted Answer

entrepreneur

Answer

consumer

Answer

trader

Answer

producer

Question 13

Who grows or make things people buy?

Accepted Answer

producers

Answer

trade

Answer

barter

Answer

consumers

Question 14

Gasoline is made from oil.  If oil is hard to get, what will MOST LIKELY happen?

Accepted Answer

The price of gas will go up

Answer

Many people will drive more

Answer

Most gas stations will close

Answer

Everyone will buy gas

Question 15

Opportunity cost means

Accepted Answer

the best thing you give up when you buy something else

Answer

the cost it takes to make something

Answer

the cost it takes to sell products

Answer

to buy goods and services

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