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15
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Which would result in a surplus in the market?
Quantity supplied is greater than quantity demanded.
Quantity demanded is greater than quantity supplied.
Price increases.
Price stability.
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15
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What is the correct definition of the Law of Demand?
As the price of a good decreases, consumers are less likely to buy it.
As the price of a good decreases, consumers are more likely to buy it.
Demand for a product always remains the same regardless of price.
When demand increases, supply automatically increases at the same rate.
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monster
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magnet
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15
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What is the correct definition of the Law of Supply?
As the price of a good decreases, producers are willing to supply more of it.
As the price of a good increases, producers are willing to supply more of it.
As the demand for a good increases, suppliers will automatically lower their prices.
The supply of goods remains constant regardless of price changes.
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15
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What type of resources are the raw materials and elements that are extracted from the environment and used in the production of goods?
Cultural resources
Natural resources
Capital resources
Human resources
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15
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Which concept represents the problem of having unlimited wants and needs with limited resources?
Scarcity
Opportunity cost
Marginal benefit
Equilibrium
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15
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Money is nothing more than a _____________ for an economy.
business
point system
discount
product
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15
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Which of the following would be considered a natural resource?
Lumber
Tools
Machinery
Truck driver
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15
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What actually creates value in an economy?
Caffeine
Products & services
Its education system
Money
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15
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Which type of resource encompasses physical tools, machinery, and factories used in the production process?
Capital resources
Intellectual resources
Natural resources
Human resources
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15
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What is opportunity cost?
The total cost of producing a good.
The cost of producing one more unit of a good.
The value of what you give up when choosing something else.
The monetary cost of a good or service.
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15
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On a supply and demand graph, what is the point where the supply and demand curves intersect?
Shortage
Surplus
Equilibrium
Excess supply
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15
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In economics, what are needs?
Desires that are not essential for survival.
Necessities required for basic human survival.
Luxuries that enhance quality of life.
Desires that are essential for social status.
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