Introduction To Economics Test – Flashcards
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Which best describes the role of a consumer?
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buying goods
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Consumers influence producers because consumers supply
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necessary capital.
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Studying economics best helps an individual determine how to achieve economic
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goals.
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A producer would most likely
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serve in a coffee shop.
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Based on the lesson, what would most effect the price of a new laptop computer?
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the demand for the added performance elements
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An economist most likely spends time studying
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interactions between producers and consumers.
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Which activity would a consumer most likely perform?
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filling a lawnmower with gas
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Which situation best illustrates the concept of scarcity?
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a person buying a used car due to limited income
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What determines the balance of production and consumption?
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scarcity
