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Resources
Production and Distribution
Consumers and Producers
Supply and Demand
Random Economics
100
What are the three types of resources?
Capital, Human, and Natural
100
I decided to sell my cookies to a local store what kind of decision is this?
Distribution Decision
100

Who is a consumer?

The person that buys goods and services.

100
Are supply and demand attached to each other?
Yes
100
Give me one example of a good?
Answers will vary as longs as it's a good it's correct.
200
Air is what type of Resource?
Natural
200
I'm going to buy wood to build my house from China because it's cheaper what kind of decision is this?
Production Decision
200

Who is a producer?

The person that produces goods and offer services.

200
If the price of something is too high what will happen to Supply?
Will go up because people are not buying the product.
200
Give me one example of a service
Answers will vary as long as it's a service it's correct.
300
A tractor is what type of resource?
Capital
300
Give me one justification why I would want to buy my ingredients and Wal-Mart and not Hy-vee?
It will be cheaper to buy ingredients at Wal-Mart.
300

When a person walks into a store and buys something they are what?

A consumer

300
If something is really popular what will happen to the demand?
Will go up because everybody will want the product.
300
Does economics involve money all the time?
No.
400
A cook in a restaurant is what type of resource?
Human
400
Give me one Justification to sell my goods at the farmers market?
You won't have to pay a store to hold your goods your in control of everything.
400

A person that makes and sells cookies is a what?

Producer

400
What happens to supply and demand if there is a really good sale?
The supply will go down and the Demand will go up.
400
Give me one example of economics in actions that you have seen today?
Answers will vary.
500
Give me an example of a human, natural, and capital resource
Answers will vary as long as they are correctly identified it's correct.
500
Why is it important to justify your decisions made about production and distribution?
To make sure you make the best decision for your business.
500

Give me one example of a consumer and producer in the same store.

Answers will vary as long as the buyer buys something and the seller sells it it's correct.

500
What will happen to supply and demand if they raise the price of a product to make it really expensive?
The supply will go up and the demand will go down.
500
Give me an example of a want and a need?
Answers will vary