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TExES Social Studies 7-12 (232) Economics & Science, Tech and Soc Competency 020 Exam Questions and Answers
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TExES Social Studies 7-12 (232) Economics & Science, Tech and Soc Competency 020
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TExES Social Studies 7-12 (232)Economics & Science, Tech and Soc
Competency 020
Economics - Answer -This is the study of how goods, services, and property is
produced, distributed, and consumed
Scarcity - Answer -This is the basis of economics, the more _____ something is the
more it is worth
Opportunity Costs - Answer -This is what is not bought or what was given up to get
something else
Circular Flow - Answer -This is when a consumer buys something, money flows from
households to businesses which in turn businesses employ people and employees
receive wages from businesses.
Supply - Answer -This is how much a producer is willing to produce at a given price.
Demand - Answer -This is how much consumers are willing to buy at a certain price
Equilibrium Price - Answer -This is the key for producers and consumers which is to find
the price that will being in the most consumers at a level beneficial to producers
When supply is up demand is - Answer -Down
When supply is up price is - Answer -Down
When supply is down demand is - Answer -Up
When supply is down price is - Answer -Up
When demand is up supply is - Answer -Up
When demand is up price is - Answer -Up
When demand is down supply is - Answer -Down
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