Economics Study Guide

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1 point

Your business makes more money than it takes to run the business. What is this extra money called?

Surplus

Profit

Scarcity

Interest

1 point

Ms Titsworth's class sold lemonade after school. Lemonade is Greg's favorite so he bought 5 cups. This is an example of ...

incentive

voluntary exchange

specialization

competition

1 point

Which is an example of a natural resource?

salad dressing

factories

water

money

1 point

Which of the following is a human resource?

water

diamonds

doctors

factories

1 point

What is a consumer?

A person who sells goods at a store

A person who makes goods or services

The owner of a store.

A person who buys goods or services

1 point

Consumers do which of the following in a market economy?

set their own taxes

only shop at markets

shop around for the best value at different stores

only spend their money in one city

1 point

What are the three characteristics of a market economy?

buyers, business, and competition

consumer sovereignty, business, and incentives

consumer sovereignty, competition, and private property rates

None of the above

1 point

An example of a capital resource would be...

water

sand

doctors

factories

1 point

Discounts, sales, and coupons are all examples of ...

Resources

Surplus

Demand

Incentives

10.

1 point

What is it called when more than one business sells similar products?

Competition

Demand

Income

Scarcity

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