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Economics
Study Guide
| Question | Answer |
|---|---|
| What occurs when the value of money declines, and goods and services become more expensive? | Inflation |
| A person who purchases goods or services is a _____? | consumer |
| If the cost of the steel goes up considerably, what will most likely happen to the prices of new cars? | the prices will go up |
| In a ____________, individuals can trade an established form or currency freely for the goods and services they need, and can choose among many suppliers. | market economy |
| Pete owns the only hamburger stand in Smallville, and charges $2.00 for a burger. A big chain restaurant comes to town, and charges $1.00 for a burger. What will Pete have to do to stay competitive? | lower his prices |
| The law of _______ says that consumers will pay a higher price for something if it is in short supply. | supply and demand |
| {True or False } The number of sellers offering a specific product in a specific area does not affect the price consumers pay for the product. | false |
| When a particluar item is very difficult to find or obtain, _______exists, | scarcity |
| Which is an example of a basic need? a] cola b] tea c]water d] juice | water |
| How does scarcity lead to choices for the consumer? a] it affects what you will buy b] it affects what you will sell b] It affects what you will buy c] it affects what you will discontinue d] it affects what you will produce | B |
Created by:
JSwindle7
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