amount of a product that would be produced, grown, or acquired and sold

economic system in which the government owns some factor of production.

A monthly payment for insurances

amounts of a product that someone is willing to buy over a price range.

society not having enough resources to produce what people want

gross domestic product (GDP) is

value of all final goods, services, produced within a 1 year period

private citizens own and use the factors of production for their own profit

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Econ Knowledge Game

15 termsStudBud Administration70 plays

Pre test for econ course

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Questions 15

Answers

1
A need is
something you would like to have.
basic requirement for survival
something you do like
basic request
2
How many components make up a mortgage payment?
12
9
4
3
Supply
amount of a product that would be produced, grown, or acquired and sold
amount of a product that would be produced, grown and can not be sold
amount of a product unsold
4
Budgets are a way to
how much a person spends
keep track of how much a person ears.
how much a person saves
all of the above
5
A person who takes a risk is called a (an)
Entrepeneur
Risk taker
Executive
None of the above
6
Idaho's state sales tax is an example of a
Progressive Tax
None of the above
Recessive Tax
Flat tax
7
Economic systems found in China, North Korea and Cuba are examples
all of the above
of command directed economies
of communist countries
of countries controlled by dictators
8
Socialism
economic system in which the government owns some factor of production.
economic system in which the government owns no factor of production.
economic system in which the government owns all factors of production.
9
A premium is
An amount that must be paid before insurances pay for damages
A monthly payment for insurances
None of the above
Government money because of COVID 19
10
Unions strike because of
Wages
for benefits
all of the above are true
Working conditions
11
Demand
amounts of a product that someone is willing to buy over a price range.
amounts no one is willing to pay for
supplied products
not supplied products
12
Scarcity
society not having enough resources to produce what people want
a basic requirement for survival
a basic requirement you would like to have
to satisfy seemingly unlimited and competing needs and wants
13
gross domestic product (GDP) is
value of all final goods, services, produced within a 1 year period
value of all final goods, services, produced within a 1 year period
value of all final goods, services, produced within a county
value of all final goods, services, produced outside a country
14
Land, labor, capital and entrepeneurship are
factors of production
Marketing strategies
Economic systems
None of the above
15
capitalism
private citizens own and use the factors of production for their own profit
private citizens do not own or use the factors of production for their own
private citizens share the factors of production for tax reduction

Econ Knowledge Game Flashcards | StudBud