Economics Review Mrs. Slaggie’s GEO. A:B: ServicesProducers 1. What is a name for things people make or grow? C:D: ConsumersGoods.

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Presentation transcript:

Economics Review Mrs. Slaggie’s GEO

A:B: ServicesProducers 1. What is a name for things people make or grow? C:D: ConsumersGoods

Answer: D) Goods

A:B: ServicesConsumers 2. What is the name of people or businesses that do something to help people? C:D: ProducersGoods

Answer: A) Services

A:B: GovernmentEconomics 3. What is the term for the study of making, buying, and selling of goods or services to meet our wants and needs? C:D: DemographyGeography

Answer: B) Economics

A:B: ConsumerProducer 4. What is the name of someone who grows or makes something to sell to other people or business? C:D: GoodsServices

Answer: B) Producer

A:B: GoodsProducers 5. What is the name of the person or people who buy goods and services? C:D: ConsumersServices

Answer: C) Consumers

A:B: SupplyDemand 6. What is the term for the amount of goods available at one time? C:D: ProducerConsumer

Answer: A) Supply

A:B: Demand 7. What is the term for the number of people who want the goods that are in supply? C:D: ProducerConsumer Supply

Answer: B) Demand

A:B: The price will stay the same. The price will go up. 8. What happens when the supply of an object is greater than the demand? C:D: The price will go down.It means they sold out of that object.

Answer: C) The price will go down.

A:B: TaxOpportunity Cost 9. What is the name for the shortage of a good or service in the marketplace? C:D: EconomyScarcity

Answer: D) Scarcity

A:B: ExpensesBudget 10. This is a plan for using your money. C:D: IncomeConsumers

Answer: B) Budget

A:B: IncomeBudget 11. What is the name for the money you receive? C:D: ExpensesTax

Answer: A) Income

A:B: DevelopedRich 12. Geographers call nations with few industries, poor education, and low life expectancy ________________ countries. C:D: DevelopingPoor

Answer: C) Developing

A:B: TeacherBaker C:D: DoctorPolice Officer 13. Which person provides goods?

Answer: B) Baker

A:B: MarketplaceIncome 14. This is a place where people sell things and buy things they need. C:D: BudgetTax

A) Market Place

A:B: GDP per captiaEconomy 15. The total amount of money of all goods and services produced in a year per person Is called a nation’s __________. C:D: ExpensesIncome

Answer: A) GDP per capita

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