Economics

Question 1

How are goods different from services?
(choose two that apply)
A: Goods are products people buy
B: Goods are actions that people provide
C: Services are products that people buy
D: Services are actions that people provide.

Answer 1

A: Goods are productions that people buy.
And D: Services are actions that people provide.

Question 2

TRUE OR FALSE
Supply and demand are the two factors that generally determine the price of a good or service.

Answer 2

TRUE!

Question 3

Which of the following is NOT an economic incentive?
A: Profit
B: Desire
C: Business
D: money

Answer 3

D: money

Question 4

What are the three basic questions for providing goods or services?
A: What will be produced?
B: How will it be produced?
C: For whom will it be produced?
D: All of the above

Answer 4

D: all of the above

Question 5

What are two kinds of capital?
A: Financial
B: business
C: production
D: both A and C

Answer 5

Both A and C