Level 1
What is an Amateur?
a. a beginner, person who is incompetent or inept at a particular activity
b. writing and other office materials
c. It is the value of what is given up when a decision is made
d. When humans use natural things to make something new that provides utility and value to our lives
a beginner, person who is incompetent or inept at a particular activity
What is an entrepreneur?
a. When humans use natural things to make something new that provides utility and value to our lives
b. An employee of a business
c. A person who organizes and operates a business or businesses
d. made or caused by human beings
A person who organizes and operates a business or businesses
What are human resources?
a. people who work to produce a good or service (driver, cashier, waiter, etc.)
b. Raw materials occurring in nature that can be used for economic production or consumption
c. man-made products or services
d. It is the value of what is given up when a decision is made
people who work to produce a good or service (driver, cook, cashier, waiter, etc.)
What kind of bank is run by the government?
a. Credit Union
b. Commercial Bank
c. Central Bank
d. Specialized Bank
Central Bank
What is interest?
The money a lender makes from a loan
What is stationery?
a. a beginner, person who is incompetent or inept at a particular activity
b. It is the value of what is given up when a decision is made
c. When humans use natural things to make something new
d. writing and other office materials
writing and other office materials
What are man made/capital resources?
a. Something needed to survive
b. When humans use natural things to make something new
c. the demand for something is greater than the availability
d. Raw materials occurring in nature that can be used for economic production or consumption
When humans use natural things to make something new
3. What are complementary goods?
a. the amount of product that someone has for sale
b. the total amount of goods or services which people want to buy
c. a product or service that is essentially the same or similar-enough to another product
d. goods that are consumed together
goods that are consumed together
What kind of bank makes money from its members?
Commercial Bank
What is a need?
a. something needed to survive
b. the demand for something is greater than the availability
c. It is the value of what is given up when a decision is made
d. When humans use natural things to make something new
something needed to survive
What are the four basic needs essential to living?
a. Boy bands, video games, youtube, cellphone
b. Pizza, love, computer, cellphone
c. Food, shelter, clothes, medicines
d. Music, clothes, car, money
Food, shelter, clothes, medicines
1. What is demand?
a. the amount of product that someone has for sale
b. the total amount of goods or services which people want to buy
c. a product or service that is essentially the same or similar-enough to another product
d. goods that are consumed together
the total amount of goods or services which people want to buy
What are substitute goods?
a. a product or service that is essentially the same or similar-enough to another product
b. goods that are consumed together
c. the total amount of goods or services which people want to buy
d. the total amount of product that someone has for sale
a product or service that is essentially the same or similar-enough to another product
What is man-made?
a. something needed to survive
b. made or caused by human beings
c. It is the value of what is given up when a decision is made
d. the demand for something is greater than the availability
made or caused by human beings
What are natural resources?
a. Raw materials occurring in nature that can be used for economic production or consumption
b. man-made products or services
c. Something that is desired
d. people who work to produce a good or service
d. people who work to produce a good or service
Raw materials occurring in nature that can be used for economic production or consumption
2. What is supply?
a. the total amount of product that someone has for sale
b. the total amount of goods or services which people want to buy
c. a product or service that is essentially the same or similar-enough to another product
d. goods that are consumed together
the total amount of product that someone has for sale
5. Price Mechanism is the system where the forces of _______ and ________ determine the prices of commodities and services.
a. good and evil
b. the government and laws
c. consumers and business owners
d. demand and supply
demand and supply
What is a want?
a. Something needed to survive
b. A person who organizes and operates a business or businesses
c. Something that is desired
d. It is the value of what is given up when a decision is made
Something that is desired
What is an opportunity cost?
a. Something needed to survive
b. When humans use natural things to make something new
c. It is the value of what is given up when a decision is made
d. the demand for something is greater than the availability
It is the value of what is given up when a decision is made
What is scarcity?
a. something needed to survive
b. the demand for something is greater than the availability
c. it is the value of what is given up when a decision is made
d. when humans use natural things to make something new
the demand for something is greater than the availability
The law of demand says that at _________ prices, buyers will demand less of an economic good. The law of supply says that at __________ prices, sellers will supply more of an economic good.
a. higher and higher
b. lower and lower
c. higher and lower
d. lower and higher
higher and higher