What does economics study?
What is the difference between needs and wants?
Which of the following is an example of a service?
What do consumers do in an economy?
What does supply refer to in economics?
Why do individuals and governments need to make economic choices?
What is the role of producers in an economy?
What factor influences consumer choices?
Which factor affects supply?
What happens when supply increases and demand remains the same?
Which of the following can cause a shift in supply?
If production becomes cheaper due to new technology, what will likely happen?
What is an example of an economic decision?
What does demand refer to?
What happens when demand for a product increases and supply remains the same?
What is equilibrium price?
Which factor can cause a shift in demand?
If the price of a substitute product increases, what happens to demand for the original product?
Who is responsible for creating demand for products in the economy?
Why is understanding economics important?
