Introduction To Economics Questions And Answers – Flashcards
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sufficient products to meet consumer wants.
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The idea of supply and demand is based on the development of
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consequences
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A person studying economics can make better choices about purchases if that person understands
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a person buying a used car due to limited income
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Which situation best illustrates the concept of scarcity?
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by defining the number of leisure activities
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What is one way that economics can influence your daily life?
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scarcity
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What determines the balance of production and consumption?
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serve in a coffee shop.
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A producer would most likely
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necessary capital.
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Consumers influence producers because consumers supply
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scarcity
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What forces businesses, industries, and governments to make decisions?
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serve in a coffee shop.
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A producer would most likely
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how to make good decisions within an economy.
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William Poole believes economics should be taught in schools because students will learn
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Consuming
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Economics is the study of producing and .... goods and services.
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Goals
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Studying economics best helps an individual determine how to achieve economic ....
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interactions between producers and consumers.
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An economist most likely spends time studying
