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