PERSONAL FINANCE ONLINE: Economic Basics

What is capital as a factor of production?A) The work people do to produce goodsB) The tangible goods created by laborC) The raw materials used to produce goodsD) The plan companies make to sell goods B
What is demand?A) The amount of something available to consumersB) The amount of something that consumers wantC) The amount of producers it takes to make a productD) The amount of a product that consumers asked producers to make B
The teenage market is a market that is categorized in what way?A) By commodityB) By consumerC) By locationD) By price B
A store that sells books and a store that sells tools are what type of competitors?A) Direct competitorsB) Indirect competitorsC) Partial competitorsD) Noncompetitors D
Which of the following is a feature of capitalism?A) A high level of government controlB) Competition between businessesC) Discouraging small business ownersD) Excessive monopolies B
A company that is most motivated to make money has a __________.A) Enterprise motiveB) Government motiveC) Sales motiveD) Profit motive D
Which of the following might financial planning help you do?A) Understand economic systemsB) Tell the difference between competition typesC) Stay aware of inflation ratesD) Keep track of earning and spending D
What might happen to a product when supply is low?A) The price will go up.B) The price will go down.C) The price will stay the same.D) The price will change very quickly. A
What is scarcity?A) The study of how people decide what they wantB) The study of the types of products available in an economyC) When people want more of something than is availableD) When people do not want the products that are available C
Which of the following is NOT something that money does in an economy?A) Measure the value of commoditiesB) Store the value of commoditiesC) Keep the rate of inflation lowD) Allow producers and consumers to trade commodities C

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