a task that businesses perform or provide for customers

What is the law of demand?

When demand is high, prices drop

what is a traditional economy

an economy controlled by traditions, customs, and beliefs.

The amount of something available

Which of the following describes the law of demand

When the price of a good or service falls, consumers purchase more of it

The adage, “There is no such thing as a free lunch,” means

Everything has a cost and a benefit

cost of choosing one opportunity or investment over another

Sacrificing one item for another

private ownership of trade and production profit

A person/bussiness that makes or provides goods or services.

What is an example of traditional economy

Barter of hunted prey used by Inuit tribe in northern Canada

What is the definition of economics?

Study of how people produce, distribute, use goods/services

Needs and wants outweigh the amount of resources available.

A system that has the goal of spreading wealth and treating people fairly.

What is Laissez faire?

to let the market control itself without intervention

money remaining from revenues after expenses are paid

What is a mixed economy?

Combined market economy with government involment

What encourages you to make a purchase

what is the law of supply?

when price and quantity both increase., when the price rises the quantity increases.

What are the aspects of inferior goods?

demand drops as income increases

government owns everything and the individual person owns nothing.

What are the 4 factors of production?

Land, Capital, Labor, and Entreprenuers

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Unit 9: Basic Economics

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Questions 41

Answers

1
What are examples of goods?
grocery store items
computer services
none of the above
police officers and fire fighters
2
Define services
a task that businesses perform or provide for customers
a task that business owner do for the consumer
a task we do everyday
a task non profit organization perform
3
Which was thought up by Karl Marx?
Communism
Utilitarianism
Socialism
Capitalism
4
What is the law of demand?
When demand is high, prices drop
Demand is the equilibrium
When demand is low, prices are low
Supply is always higher than demand
5
what is a traditional economy
an economy driven by country's individual citizens
All of the above
an economy controlled centrally by a government.
an economy controlled by traditions, customs, and beliefs.
6
Who determines demand?
Sellers
Buyers
7
What is supply?
The Sherman Anti-Trust Act of 1890
The amount of something available
I don't know
The number of consumers who want it
8
Which of the following describes the law of demand
When the price of a good or service falls, consumers purchase more of it
When the price of a good or service rises, consumer purchase more of it
The price of a good or service falls, producers want to produce more of it
When income levels rise, consumers demand less
9
The adage, “There is no such thing as a free lunch,” means
the cost of living is always increasing.
Everything has a cost and a benefit
Free food is the best
all costs are included in the price of a product.
10
What is market economy?
Both government and individuals are in charge
Individuals are in charge
Government is in charge
No one is in charge
11
opportunity cost
cost of operating a business
cost of selling a business to begin another
earning the best profit possible
cost of choosing one opportunity or investment over another
12
What nations has a command economy?
USA
Australia
Canada
North Korea
13
Trade off is..
Giving an item to someone
Throwing a frisbee
Passing a ball
Sacrificing one item for another
14
capitalism
private ownership of trade and production profit
everything you have to trade for
making lots of money
everything is open competion
15
what is an example of an mixed economy?
US
Cuba
North Korea
Soviet Union
16
A producer is....
A person/bussiness that buys or used goods or services.
Something you buy
Something you make
A person/bussiness that makes or provides goods or services.
17
What is an example of traditional economy
Law of supply and demand
Hong Kong, Singapore, Australia and the United States
Barter of hunted prey used by Inuit tribe in northern Canada
Soviet Union, China, North Korea and Cuba
18
What is the definition of economics?
The study of money
Study of how people produce, distribute, use goods/services
The study of the marketplace
The study of people and their jobs
19
What is a mixed economy?
Traditional and Command mixed
Another word for Command Economy
Market and Command mixed
Traditional and market mixed
20
A person who buys goods or services.
market
consumer
competition
producer
21
The law of supply says that as price goes up,
supply goes down
demand goes up
demand goes down
supply goes up
22
Karl Marx wrote...
Social Contract
The Communist Manifesto
Wealth of Nations
The Leviathan
23
Define Scarcity
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
A social science dealing with people's needs and wants.
A fundamental problem in society.
24
What is a shortage
random stuff
permanent lack of resources
When Jimi gets dunked on
temporary lack of resources
25
Who said that the free market is regulated by the "invisible hand"?
Micheal Jordan
Adam Smith
Karl Marx
Janet Yellen
26
Who determines supply?
Buyers
Sellers
27
Socialism
A system that has the goal of spreading wealth and treating people fairly.
An economy controlled by private ownership of trade and production.
An economy characterized by free markets.
The act of socializing with a large group of people.
28
What is Laissez faire?
for the goverment to control the market
the name of adam smiths child
a french style of imperialism from the 1600's
to let the market control itself without intervention
29
What is command economy?
Both Government and individuals are in charge
No one is in charge
Government is in charge
Individuals are in charge
30
What was the theory of economist Adam Smith
The visible hand
A helping hand
Lending a hand
The invisible hand
31
What is profit
the amount of satisfaction a person receives from a product
the least amount of money paid for a product
the study of how goods and services are produced
money remaining from revenues after expenses are paid
32
Resources used to make goods and services are:
specialization
trade offs
gross national product
factors of production
33
What is a mixed economy?
Combined market economy with government involment
Central planners make business decisions like how to produce
Decisions about resource are made by habit, or custom
Economic decisions are made by consumers and business owners
34
What are incentives?
The inability to satisfy all wants at once
How fast you are able to produce things
What encourages you to make a purchase
What you give up when you make a decision
35
what is the law of supply?
none of the above
when price and quantity both increase.
the price decreases when the quantity increases.
when the price rises the quantity increases.
36
What are the aspects of inferior goods?
some goods are not as good as others
some companies want to make less of their goods
supply drops as income increases
demand drops as income increases
37
Who makes all of the decisions in a command economy?
The pope
The government
The president
The people
38
What is communism?
Where the individual person owns evrything.
government owns everything and the individual person owns nothing.
Where Ms. Gholston owns everything.
No main source of power.
39
What are the 4 factors of production?
Land, Capital, Labor, and Entreprenuers
Land, Capital, Buisnesses, and Governement
Capital, investment, money, and <br>banks
TINSTAFL
40
Wants are unlimited and
ever changing
easily fulfilled
costly
constant
41
Entrepreneurs take the risks of starting and running a business
False
True

Unit 9: Basic Economics Flashcards | StudBud