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Economic Systems, and Supply and Demand Flashcards | StudBud
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Economic Systems, and Supply and Demand
Economic Systems, and Supply and Demand
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Review of the 4 Economic Systems and Supply and Demand
Flashcards
17 cards
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Questions
17
Answers
1
Which statement describes the law of supply and demand?
When supply is high, price will be high.
Price follows demand.
When demand is low, price will be low.
Price is opposite of supply.
2
What is the amount of goods and services CONSUMERS are willing to buy at a certain price?
incentive
demand
consumption
supply
3
Scarcity refers to______ .
unlimited resources
Countries don't rely on markets to solve scarcity.
inability to satisfy all wants at the same time
forces people to make choices
4
What is the difference between Mixed Market and Free Market?
Free Market has more government involvement in the economy
Profit$
Consumer Sovereignty
Mixed Market has more government involvement
5
Power of buyers determine what goods & services are produced by what they purchase or don't buy
competition
free market
Profit
consumer sovereignty
6
The point producer agrees to sell & consumer agrees to buy; interaction of supply & demand is
Production
Supply
Demand
Price
7
Which of the following characteristics describe a Mixed Economy?
Gov't own resources, property&make decision in public sector
Individuals & businesses make decisions in private sector
profit$ motive, competition, Consumer Sovereignty
Individuals own of resources & property in private sector
8
When supply of a product is high and demand is low, what will happen to the price of the item?
the product is free
decreases
increases
stays the same
9
What are the 3 questions that all countries must answer which determines their economy?
What should we produce?
For whom will it be produced?
Who will produce it?
What price should be placed on our products?
10
Amount of a good or service that PRODUCERS are willing and able to
sell
at a certain price is
Supply
Demand
Production
Entrepreneurship
11
Most economies today, including the US, are ______ economies.
mixed
traditional
command
free market
12
Central planned economy, gov't owns all resources and property , lack of competition & choices
Command
Traditional
Mixed market
Free market
13
Which of the following are characteristics of a free market economy
Profit$$ motive and competition
Little or no government involvement in economy
private ownership of resources and property
consumer sovereignty
14
Which example describes a traditional economy?
Individual ownership of resources & property & past down
Same type of work as parents and grandparents
Central ownership of all resources and property
Profit$ is motivation
15
In Free & Mixed markets, a pizza shop keeps all earnings after expenses. What are the earnings?
profit
price
market price
debt
16
What happens to the supply if the price increases from $3.00 to $6.00?
Demand increases
Supply decreases
Supply increases
Prices is determined
17
What will be the price be in which the producer agrees to sell and the consumer agrees to buy?
$4.50
$7.50
$6.00
$1.50
