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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 That is incorrect. Please try again. Great Job!!!! Thank you for playing!