A free market economy is best explained as...

economy based on supply & demand without government control

Within the supply and demand concept, supply is....

the quantity of a good or service that is available

in economics a 'want' is:

a thing someone would like to have but does not need

The best way to explain economics, is....

How we make choiceswithresources for our needs and wants

You can't be a business unless...

you're selling goods or services to supply needs or wants

In economics, services are:

a product that can't be touched such as a haircut or massage

In economics, goods are:

a tangible item that satisfies wants or needs

The unemployment rate is:

The % of the population of working age, looking for a job

A famous economist who argued in favour of a free market

Importing and exporting is:

goods or services traded between countries

Opportunity cost represents....

an alternative given up when a decision is made.

Within the supply and demand concept, demand refers to the ....

quantity of a product or service that is wanted by buyers.

In economics, 'needs' are?

Something for survival such as food and water

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Economics and Business introduction

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The basics of economics

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Questions 13

Answers

1
A free market economy is best explained as...
Where the government supports small business to survive
Where the price of things is set by the banks and government
an economy that is controlled by the government
economy based on supply & demand without government control
2
Within the supply and demand concept, supply is....
the cost of a good or service
the number of people in a workforce
the quantity needed for the market
the quantity of a good or service that is available
3
in economics a 'want' is:
Similar to greed and being selfish
a thing someone would like to have but does not need
Something needed for survival
Things like food, water and shelter
4
The best way to explain economics, is....
How we make choiceswithresources for our needs and wants
How businesses trade goods and services
all about money and saving for the future
How governments spend taxes on the community
5
You can't be a business unless...
you're trading products to the community
you're selling goods or services to supply needs or wants
people are employed and work for an income
You're making a profit
6
In economics, services are:
a product that can't be touched such as a haircut or massage
Places that buy and sell fuel for energy
Government spending on infrastructure
small products for community trade and markets
7
In economics, goods are:
a tangible item that satisfies wants or needs
Something that is really, really good
people who work hard for businesses
worth more money than average items
8
The unemployment rate is:
The % of the population working or studying
The % of the population of working age, looking for a job
all people in a country who are not working
People choosing not to work
9
Who is Adam Smith?
A politician who set strict government rules on spending
an economist who argued that government should control trade
A famous economist who argued in favour of a free market
A famous inventor of coins and bank notes
10
Importing and exporting is:
goods or services traded between countries
The buying of goods from overseas
goods or services sold for profit between businesses
Purchasing overseas products not available in your country
11
Opportunity cost represents....
the cost of bulk-buying products
the best opportunity for the consumer
the opportunity to make a profit in business
an alternative given up when a decision is made.
12
Within the supply and demand concept, demand refers to the ....
the number of people in the market place
number of jobs available to the workforce
quantity of a product or service that is wanted by buyers.
price gap between different products
13
In economics, 'needs' are?
The link between imports and exports
Buying and selling goods to trade
Something for survival such as food and water
Tangible items like a car, bike or computer

Economics and Business introduction Flashcards | StudBud