How is market price determined?

the point where supply and demand are equal

What are economic systems based on?

How the country answers the 3 economic questions.

Which is not a basic economic question?

How much will the goods and services cost?

What are the 4 principles of capitalism?

Competition, Profit, Private Property, Freedom of Choice

studbud

Chapter 1 Review - Economic Decisions and Systems

20 termsStudBud Administration578 plays

Review over chapter 1 - Intro to Business

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
The private ownership of economic resources by individuals, rather than by the government.
Capitalism
Command Economy
Freedom of Choice
Market Price
2
Value of the next-best alternative that you did not choose.
Trade-Off
Opportunity Cost
Market Price
Scarcity
3
If prices increase, demand will do what?
Decrease
Increase
Stay the Same
Equal
4
How is market price determined?
Not having enough resources to satisfy every need.
Method a country uses to answer the three economic questions
The money left over from sales
the point where supply and demand are equal
5
What is an example of capital resources?
truck driver
water
trees
cement
6
The quantity of goods and services that consumers are willing and able to buy
Scarcity
Demand
Supply
Market Price
7
Scarcity forces you to make...
Choices
Opportunity Cost
Marketplace
Demand
8
What are economic systems based on?
How the country answers the 3 economic questions.
The type of economy
Consumer Deman
Religion
9
What are the 3 factors of production?
Needs, Wants, Goods
Natural, Human, Economic
Supply, Demand, Consumers
Natural, Human, Capital
10
If prices decrease, supply for Krispy Kremes will do what?
Stay the Same
Equal
Decrease
Increase
11
Things that are intangible and have no physical characteristics
Services
Goods
Supply
Human Resources
12
Things that add comfort and pleasure to your life.
Supply
Entrepreneurship
Wants
Needs
13
Those who determine which products and services will be available for sale.
Producers
Needs
Consumers
Human Resources
14
What is not a human resource?
Construction Workers
Delivery Driver
Brick Layers
Tools for building
15
Which is not a basic economic question?
What goods and services will be produced?
What needs and wants will be satisfied?
How will the goods and services be produced?
How much will the goods and services cost?
16
Type of economy used in countries that are less developed
Traditional
Command
Mixed
Market
17
What are the 4 principles of capitalism?
Competition, Profit, Private Property, Freedom of Choice
Private Property, Entrepreneurship, Profit, Market Price
Profit, Competition, Supply, Demand
Freedom of Choice, Consumers, Demand, Profit
18
What is the 2nd step in the decision-making process?
Act on Your Choice
Review The Decision
Identify the Choices
Research
19
When you give something up to have something else
Trade - Off
Opportunity Cost
Scarcity
Capitalism
20
What economic system has the highest level of government involvement?
Traditional
Market
Mixed
Command

Chapter 1 Review - Economic Decisions and Systems Flashcards | StudBud