Download Goods Services

Economics Review
Mrs. Slaggie’s GEO
1. What is a name for things people make or grow?
A: Services
B:
Producers
C: Consumers
D:
Goods
Answer:
D) Goods
2. What is the name of people or businesses
that do something to help people?
A: Services
B:
Consumers
C: Producers
D:
Goods
Answer:
A) Services
3. What is the term for the study of making,
buying, and selling of goods or services
to meet our wants and needs?
A: Government
B:
Economics
C: Demography
D:
Geography
Answer:
B) Economics
4. What is the name of someone who grows or makes
something to sell to other people or business?
A: Consumer
B:
Producer
C: Goods
D:
Services
Answer:
B) Producer
5. What is the name of the person or people
who buy goods and services?
A: Goods
B:
Producers
C: Consumers
D:
Services
Answer:
C) Consumers
6. What is the term for the amount of
goods available at one time?
A: Supply
B:
Demand
C: Producer
D:
Consumer
Answer:
A) Supply
7. What is the term for the number of people
who want the goods that are in supply?
A:
Supply
C: Producer
B:
Demand
D:
Consumer
Answer:
B) Demand
8. What happens when the supply of an
object is greater than the demand?
A: The price will stay the
B:
The price will go up.
D:
It means they sold out
of that object.
same.
C: The price will go down.
Answer:
C) The price
will go down.
9. What is the name for the shortage of a
good or service in the marketplace?
A: Tax
B:
Opportunity Cost
C: Economy
D:
Scarcity
Answer:
D) Scarcity
10. This is a plan for using your money.
A: Expenses
B:
Budget
C: Income
D:
Consumers
Answer:
B) Budget
11. What is the name for the money you receive?
A: Income
B:
Budget
C: Expenses
D:
Tax
Answer:
A) Income
12. Geographers call nations with few industries,
poor education, and low life expectancy
________________ countries.
A: Developed
B:
Rich
C: Developing
D:
Poor
Answer:
C) Developing
13. Which person provides goods?
A: Teacher
B:
Baker
C: Doctor
D:
Police Officer
Answer:
B) Baker
14. This is a place where people sell
things and buy things they need.
A: Marketplace
B:
Income
C: Budget
D:
Tax
A) Market Place
15. The total amount of money of all goods
and services produced in a year per person
Is called a nation’s __________.
A: GDP per captia
B:
Economy
C: Expenses
D:
Income
Answer:
A) GDP per capita
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