Introduction to Economics Quiz 2 – Flashcards
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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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The idea of supply and demand is based on the development of
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sufficient products to meet consumer wants.
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What forces businesses, industries, and governments to make decisions?
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scarcity
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A producer would most likely
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serve in a coffee shop.
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Every economic decision has
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possible unpleasant consequences.
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What is one way that economics can influence your daily life?
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by defining the number of leisure activities
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An economist most likely spends time studying
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interactions between producers and consumers.
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Studying economics best helps an individual determine how to achieve economic
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goals
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Economics is the study of producing and ____ goods and services.
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consuming
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Becoming informed about economics helps a person understand the
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role of government in regulating production.
