Economics Review

Mrs. Slaggie’s GEO

A: B:Services Producers

1. What is a name for things people make or grow?

C: D:Consumers Goods

Answer:

D) Goods

A: B:Services Consumers

2. What is the name of people or businesses that do something to help people?

C: D:Producers Goods

Answer:

A) Services

A: B:Government Economics

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:Demography Geography

Answer:

B) Economics

A: B:Consumer Producer

4. What is the name of someone who grows or makes something to sell to other people or business?

C: D:Goods Services

Answer:

B) Producer

A: B:Goods Producers

5. What is the name of the person or people who buy goods and services?

C: D:Consumers Services

Answer:

C) Consumers

A: B:Supply Demand

6. What is the term for the amount of goods available at one time?

C: D:Producer Consumer

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:Producer Consumer

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:Tax Opportunity Cost

9. What is the name for the shortage of a good or service in the marketplace?

C: D:Economy Scarcity

Answer:

D) Scarcity

A: B:Expenses Budget

10. This is a plan for using your money.

C: D:Income Consumers

Answer:

B) Budget

A: B:Income Budget

11. What is the name for the money you receive?

C: D:Expenses Tax

Answer:

A) Income

A: B:Developed Rich

12. Geographers call nations with few industries, poor education, and low life expectancy

________________ countries.

C: D:Developing Poor

Answer:

C) Developing

A: B:Teacher Baker

C: D:Doctor Police Officer

13. Which person provides goods?

Answer:

B) Baker

A: B:Marketplace Income

14. This is a place where people sell

things and buy things they need.

C: D:Budget Tax

A) Market Place

A: B:GDP per captia Economy

15. The total amount of money of all goodsand services produced in a year per person

Is called a nation’s __________.

C: D:Expenses Income

Answer:

A) GDP per capita

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