Economics Systems Unit Test

How does competition help consumers?

What causes economic behavior to change?

Belt Buckle Jeans Company operates in a free market economy. Who will collect profits monthly?

Consumers determine what goods will be produced based on what they buy. This is known as-

Government ownership of resources is a characteristic in what economic system?

Sam is great at Math, but is learning to lay brick walls because that's what his father does-

All of the following are characteristics of a command economy EXCEPT-

The using up of goods and services is called

Markets operating with little government interference are known as what in the US economy?

Who makes decisions for the public sector in a mixed economy?

In a free market economy, who is allowed to keep the profits?

This creates a situation where the quality of products goes up and the price goes down-

What is the amount of goods or services available to consumers?

This concept is the using of resources to create goods and services-

Who has the most influence in a free market economic system?

Private ownership of property and resources is a characteristic of what type of economic system?

All of the following are characteristics of a free market economy EXCEPT-

People that buy goods determine what's produced. What characteristic is this in the US economy?

Mike has $10. He can buy a CD or a shirt. He buys the CD. What term best represents the shirt?

What is the main role of the consumer in the United States economy?

If there is more demand than supply, the price goes up. What concept does this fit into?

What are the earnings a business has left after all its expenses have been paid?

All of the following are characteristics of the United States economy EXCEPT-

What is the process of buying and using goods and services?

If a producer has too many products left over after selling each day, what should they do?