Introduction to Economics

Question 1

Individuals who make and sell goods and services are . Individuals who buy goods and services are . The idea that resources are is called scarcity.

Revolt · Accepted Answer

A: producers

Question 2

Which statements accurately describe the roles of producers and consumers? Check all that apply.Producers make and sell things.Consumers buy goods and services.Producers buy goods and services.Consumers make and sell things.Producers provide services to consumers.Consumers provide capital to producers.

Revolt · Accepted Answer

A: Producers make and sell things.; B: Consumers buy goods and services.; E: Producers provide services to consumers.

Question 3

Which statements accurately show the concept of scarcity? Check all that apply.

Revolt · Accepted Answer

A: There is a drought in the middle of growing season that has affected corn crops.; B: An individual is not able to purchase a newly released video because of limited supply; E: An individual decides that she needs to obtain a second job to save money to purchase a house.

Question 4

Question 4

Revolt · Accepted Answer

A

Question 5

Which of these producer activities did you participate in this week? Check all that apply.

Revolt · Accepted Answer

A: I served people at a restaurant, hotel, coffee shop, or other business.

Question 6

producers✔ consumers

Revolt · Accepted Answer

B: consumers

Question 7

Question 7

Revolt · Accepted Answer

A

Question 8

✔ limited unlimited

Revolt · Accepted Answer

A: limited

Introduction to Economics Answers

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