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Economics Marketplace (CE 11) Flashcards | StudBud
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Economics Marketplace (CE 11)
Economics Marketplace (CE 11)
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A review game for Economics Marketplace (CE 11) #vasols #economics #ce11
Flashcards
25 cards
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Questions
25
Answers
1
What is a basic economic question?
Who gets it?
Can I make bank?
How will it be produced?
What will be produced?
2
What is an example of a government intervening in a mixed economy?
buying out a car company
President Obama buying chili
investing in education
building a railroad
3
A bulldozer is an example of what type of resource?
Human
Capital
Entrepreneurship
Natural
4
What do you call the process of combining resources to make goods and services?
Distribution
Consumption
Production
Demand
5
"People have power and choice in what they buy." What economic term is this describing?
consumer sovereignty
free market
private property
competition
6
All of the following are characteristics of a free market economy EXCEPT
no consumer choice
competition
individual choice
private ownership
7
Which example describes a traditional economy?
Sweet Tooth advertises BOGO deals for their cookies
Burger House sells 1,000,000 sandwiches and invests in stock
Bizzy Sweets produces cupckakes and trades them for jeans
employees at a pizza shop paid by the government
8
Scarcity refers to______ .
things used to change economic behavior
in inability to satisfy all wants at the same time
what is given up when a choice is made
the factors of production
9
Alex won the lottery and wants to invest in stock, not a new car. What is his opportunity cost?
The time he could spend driving
The cost of the lottery ticket
The interest he earns on the money
The cost of the new car
10
All of the following are considered types of resources EXCEPT
Human
Natural
Books
Capital
11
When supply of a product is high and demand is low, what will happen to the price of the item?
stays the same
decreases
increases
the product is free
12
John owns a store and decides what he wants to do with his profits. What economic system is it?
traditional
barter
free market
command
13
There are two new shoe stores in Duc, NC. How will this benefit the people of Duc?
better quality with lower prices
lower quality with lower prices
Lower quality of higher prices
better quality with higher prices
14
Most economies today, including the US, are ______ economies.
command
traditional
mixed
free market
15
In the US economic system, who makes decisions?
business only
individuals, business, and government
government only
individuals only
16
The gov't of the Soviet Union provided poor quality food for its people. What economy is this?
traditional
free market
command
mixed
17
Government-owned businesses are also known as ______ in the US economy.
private property
the private sector
the public sector
the free market
18
Trees are an example of what type of resource?
Entreprenuership
Human
Natural
Captial
19
Who makes decisions for the public sector in a mixed economy?
individuals
individuals and government
individuals and business
government
20
What is the amount of goods and services CONSUMERS are willing to buy at a certain price?
demand
consumption
incentive
supply
21
Who determines demand in a free-market economy?
consumer
businesses
the government
producer
22
These two gas stations show which aspect of the US economy?
Profit
free market
consumer sovereignty
competition
23
"Businesses operate with no government interference." What type of economy is this?
command
traditional
mixed
free market
24
In the US, people can own their means of production (stores). What does this describe?
competiton
private property
consumer sovereignty
natural resources
25
In the US, a pizza shop can keep all earnings after expenses. What are the earnings called?
price
market price
debt
profit
