Introduction to Economics

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Which situation best illustrates the concept of scarcity?

a person buying a used car due to limited income

Consumers influence producers because consumers supply

necessary capital.

Which best describes the role of a consumer?

buying goods

Which activity would a consumer most likely perform?

filling a lawnmower with gas

Studying economics best helps an individual determine how to achieve economic

goals.

An economist most likely spends time studying

interactions between producers and consumers.

What determines the balance of production and consumption?

scarcity

A producer would most likely

serve in a coffee shop.

Based on the lesson, what would most effect the price of a new laptop computer?

the demand for the added performance elements


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