Economic Principles and Systems

In this type of economic system the government makes all of the decisions.

Bamboo Bikes produced 1200 bikes at $40 each. They sold 800 of the bikes at $150 each. Profit?

Which of the following is not a strategy existing companies use to make a profit?

Those products that businesses use to produce other goods are called?

How people, governments, and companies make choices about using limited resources.

If Sun and Snow Shop purchased 10 pairs of skis for $100 each and they sold 6 pair for $300 each. What is the profit?

When demand is higher than the available resources it is called.....

You work in a factory producing cars. You were trained to attach hoods, others trained to do other tasks. What is this?

This includes all of the resources used to make products.

Which is not true about the stock market as an economic indicator?

This is the point at which supply equals demand for a product.

This economic indicator is a measurment of a country's standard of living

An economic system in which citizens have just enough to survive.

Morgan works in a factory that is owned by the government. Her home is owned by government. What type of economic system

A large percentage of taxes are collected to provide a certain standard of living for citizens.

Which question below is not a question that every nation must answer about scarcity?

Unemployment increaseing, declining GDP, businesses layoff workers, consumers saving $. What phase of business cycle?

The value of the option not chosen when making economic decisions about scarcity.

Which is not a market force in a market economy that influences individuals economic decisions?

A factor of production that includes all of the tools and machinery used to produce goods