Economics Review
Quiz by Aspen Verink
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20 questions
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- Q1The amount of goods and services that are available at a given time.capitalsupplydemandresources30s
- Q2What is demand?The prices that an item will sell for.How willing a consumer is to pay a price for a specific good or service.How much of an item is available.Where the goods and services will be available.30s
- Q3If there is an increased in supply, and a decrease in the demand of a good or service, the price will...Decrease in priceIncrease in price30s
- Q4If the supply of an item or good is limited, and there is high demand for the good, the price will...IncreaseDecrease30s
- Q5An example of a natural resource is...waterelectricitythe internetmoney30s
- Q6What does profit mean?The amount of money that is used to purchase items.The amount of money used towards creating an item.How much money you have earned (the different between how much you made and how much you spent)30s
- Q7What is one of the four factors of production?EarningsSpendingLabor30s
- Q8A regular payment someone receives by an employer for completing a job or service.WageSavings AccountPaycheck30s
- Q9Can an employer pay more than the state's minimum wage?YesNo30s
- Q10An agreed amount of money set to pay an employee over a period of time.WageSalary30s
- Q11The amount of money, resources, labor, and materials needed to create a good is called what?consumersproductioncapitalinvestments30s
- Q12When the cost increases... that's called....deflationinflation30s
- Q13When the cost decreases.... that's called...deflationinflation30s
- Q14What kind of economy does the United States have?Market economyCommand Economy30s
- Q15In a command economy, who makes the majority of the decisions regarding goods, services, and costs?The GovernmentThe People30s