Opportunity Cost
1. What are products?
a) things that are made in order to be sold
b) substances that are like soap and made to get things clean
c) light, sponge-like material use to make pillows and some toys
A
When you have a lot of an item, the supply is
high or low?
High
Is coles a market?
Yes
True or false
A retail store can choose to advertise that they do not give refunds.
False
Which of the following is an example of a need?
A diamond bracelet
B smartphone
C water
D chocolate
C water
The ______ of the painting increased greatly when the artist who made it passed away suddenly.
a) imprint
b) value
c) layer
B
When a lot of people want an item, the demand
is high or low?
High
Yes
True or false
A product can have any hidden costs associated
False
Which of the following is an example of a want?
A food
B car
C health care
D shelter
B car
What is opportunity cost?
a) what you gave up when you make a decision
b) the amount of money something costs to buy it
c) the choices consumers make when they are shopping
A
When supply goes UP and demand goes DOWN,
prices go...up or down?
Down
What is a "market" in business terms?
a) A place where people go to watch movies
b) A place where goods and services are bought and sold
c) A type of bank that stores money
d) A type of business owned by the government
B
True or false
A product should have spare parts and repair facilities available for a reasonable time after purchase
True
A business makes phones for $100 each.
If they then sell each phone for $250, how much profit will the business make?
$150
Suppose you only have $15 to spend. If you went shopping and chose a toy instead of a sandwich, what was the opportunity cost?
a) $15 is the opportunity cost, since that is the money you had
b) the toy, since that is what you spent your money to buy
c) the sandwich, since that is what you gave up
C
When supply goes DOWN and demand goes UP,
prices go... Up or down?
Up
What market is where houses and apartments are bought and sold.
Housing Market
True or False
Consumers have both legal and social responsibilities
True
Our unlimited wants outweigh our limited resources. What is the problem known as?
A needs and wants
B consumerism
C disappearing resources
D relative scarcity
D relative scarcity
If you choose to spend your money on a new video game instead of saving it, what is your opportunity cost?
a) The video game you bought
b) The time you spent playing the game
c) The savings you could have earned by not spending the money
d) The amount of money you have left
c) The savings you could have earned by not spending the money
Which of the following would most likely cause an increase in the supply of a product?
a) An increase in the price of the product
b) New technology that makes production easier
c) A decrease in the number of people wanting to buy the product
d) The government setting higher taxes on the product
b) New technology that makes production easier
What market is where workers sell their skills, knowledge and effort to employers in return for a salary?
Labour Market
If a consumer buys a product and later discovers it's faulty, what right do they have?
a) The right to keep the faulty product without any action
b) The right to demand a refund, replacement, or repair
c) The right to sue the company for no reason
d) The right to set the price of the product lower
b) The right to demand a refund, replacement, or repair
What is the role of an entrepreneur in business?
a) To be a customer buying goods
b) To invest in the stock market
c) To start and run a business
d) To manage a country's economy
c) To start and run a business