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Brownell Unit 4 (Econ) Review Flashcards | StudBud
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Brownell Unit 4 (Econ) Review
Brownell Unit 4 (Econ) Review
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1
All resources have a limit.
Scarcity
Absolute Advantage
Supply
Opportunity Cost
2
Decide if supply would increase or decrease: New technology is available
Increase
Decrease
3
Economic Systems: Producers and consumers determine how the economy operates.
Command
Traditional
Free Market
Mixed
4
Choose the determinant of demand that applies: On March 1, the demand for Valentine’s Day stuff drops.
Tastes
Consumer Expectations
Needs/wants
Income
5
Economic Systems: There is a combination of systems operating the economy.
Traditional
Command
Free Market
Mixed
6
When you choose to do something, what you didn't choose is this:
Lost profit
Scarcity
Alternate paths
Opportunity cost
7
Choose the correct determinant of supply: Juice supply up because many more companies make juice now than 10 years ago.
Market dump
Number of demanders
Number of suppliers
Expansion
8
When demand exceeds supply.
Shortage
Surplus
Equilibrium
Demand curve
9
What is an incentive?
A thing that motivates or encourages one to do something
Something we don't need to do in order to achieve success
Something we need to do in order to achieve success
The next best thing to get people to do something
10
Economic Systems: Traditions and customs determines how the economy operates.
Mixed
Traditional
Command
Free Market
11
The desire, willingness, and ability to produce a good or service.
Demand
Wants
Needs
Supply
12
Would demand increase or decrease in the following scenario: Demand for swimsuits in April
Decrease
Increase
13
The price and quantity of a product where supply and demand meet.
Shortage
Surplus
Equilibrium
Perfection.
14
An increase in income will cause demand to...
Increase
Decrease
15
The desire, willingness, and ability to buy a good or service.
Wants
Demand
Needs
Supply
16
Decide if supply would increase or decrease: Number of suppliers increases
Increase
Decrease
17
Economic Systems: The government determines how the economy operates.
Traditional
Mixed
Free Market
Command
18
How does the shift in the demand curve from D1 to D2 affect the price and quantity of cars demanded?
Price increases while quantity supplied increases.
Price increase, quantity demanded increases.
Price increases while quantity supplied increases.
Price increases while quantity supplied increases.
19
Which of the following ideas did Karl Marx not believe in?
The means of production has been accumulated by a select few
Government should not place regulations on businesses
There was natural progression to economic history and Capitalism would end
Capitalist gov. preserve the status quo and protect property owners
20
Would demand increase or decrease in the following scenario: City population doubles
Increase
Decrease
21
When supply exceeds demand.
Surplus
Equilibrium
Demand Curve
Shortage
22
Which of the following ideas did Adam Smith not believe in?
Governments should have Laissez-faire approach to business
Motive of Self Interest
There is an invisible hand of the free market
Profit arises through the exploitation of labor
