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CE.11 Basic economics Flashcards | StudBud
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CE.11 Basic economics
CE.11 Basic economics
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#CE.11 #Economic basics
Flashcards
32 cards
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Questions
32
Answers
1
Which is true about supply and demand?
If the supply is reduced, the demand is also reduced.
Demand only increases if supply increases.
The best price is when supply equals demand.
Supply is effected when the govt. controls demand.
2
When supply is high and demand is low, the price of an item will...
stay the same
increase
decrease
3
If the supply of a good decreases, what would happen?
The demand would increase
The demand would decrease
The price would drop
The price would increase
4
Consumer preferences and the availability of ___ determine what is produced.
honey bees
resources
workers
entrepreneurs
5
What do you call the process of combining resources to produce goods and services?
consumption
demand
distribution
production
6
MIchael won the lottery & decided to buy a yacht instead of a private jet. Opportunity cost?
the jet
the lottery
the yacht
the yacht & the jet
7
Name anyone in this picture.
Johnny
JT
Olivia
Trang
8
What is consumption?
using goods and services
what is given up when a choice is made
the thing that determines price
making goods and services
9
What is the main role of the consumer in the US economy?
to buy all goods at any price
to operate the economy without undue influence
to determine through their purchases what will be produced
to make products and services for themselves.
10
A command economy...
results from free market competition
has a military that sells weapons to consumers
has complete government control over production & prices
is what the US has today
11
Pick CIRCLE
TRIANGLE
CIRCLE
DIAMOND
SQUARE
12
The rivalry among producers that leads to better quality and lower prices is
competition
free market
profit
opportunity cost
13
Countries develop economic systems to determine...
how to use limited resources.
choices and prices in the market.
ownership of property and resources.
how to deal with the problem of scarcity.
14
The amount of money a person has to pay for a good is the
supply
price
demand
incentive
15
The inability to satisfy all wants at the same time is
production
opportunity cost
scarcity
consumption
16
Which type of economy is most common in the world today?
mixed
traditional
command
free market
17
What type of economy does the US have?
free market
command
traditional
mixed
18
The ability of markets to operate with little govt. interference refers to...
private property
opportunity cost
free markets
competition
19
All of the following are characteristics of a free market economy
EXCEPT
...
competition
private ownership
individual choice
no consumer choice
20
The workers in a factory are what type of resource?
entrepreneurship
capital
human
natural
21
How does opening a second donut shop in a small town affect the consumers?
Customer service at both stores will improve.
Fewer people will buy donuts.
The quality of the donuts will decrease.
The price of donuts will increase.
22
Private ownership of property and resources is a characteristic of what economy?
command
socialist
free market
traditional
23
Businesses, individuals and government make economic decisions in which economy?
mixed
traditional
free market
command
24
A key factor in determining the type of economy a country has is the amount of .___ involvement
government
private
business
individual
25
Which economy makes economic decisions based on custom and historical precedent?
free market economy
traditional economy
mixed economy
command economy
26
Who makes decisions for the public sector in a mixed economy?
individuals
government
individuals & businesses
businesses
27
A robot on a car assembly line is what type of resource?
natural
entrepreneurship
capital
human
28
In a free market economy, who is allowed to keep the profits?
individuals
consumers
businesses
government
29
How does a command economy decide what will be produced?
The govt. lets companies keep their profits.
Govt. leaders determine how much will be produced.
Companies make the most popular products.
Companies make products to be traded to other countries.
30
Who has the
MOST
influence in a free market economy?
producers
suppliers
consumers
politicians
31
The amount of goods or services that consumers are willing to buy at a certain price is
supply
incentive
consumption
demand
32
A store-wide clearance sale is an example of...
profit
demand
incentive
revenue
