This quiz contains different questions related to the Economic Systems and the concept of supply and demand. Various multiple-choice questions are added in the quiz for the effective learning of students.
The initiative to improve goods & services or create new ones is ________
This exists when wants exceed resources available to satisfy those wants.
Goods that are produced and used to make other goods and services.
Most nations have this type of economy. In it, the marketplace takes care of people's wants and the government takes care of their needs. The U.S. has this type.
A disadvantage to the Mixed Economy is
a balance of needs & wants are met.
citizens have to pay taxes.
marketplace takes care of people's wants.
government takes care of people's needs.
When the price is below the equilibrium price, more people are willing to buy a lot of the product.
When the price is above the equilibrium price, more people will be willing to buy.
A supply & demand graph-
would show changes in the demand or supply of a product.
is a visual representation of supply & demand.
can predict the performance of the product over time.
all of the answers are correct