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Chapter 6 Economic Principles Marketing Dynamics Flashcards | StudBud
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Chapter 6 Economic Principles Marketing Dynamics
Chapter 6 Economic Principles Marketing Dynamics
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Chapter 6 Economic Principles Marketing Dynamics
Flashcards
24 cards
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Questions
24
Answers
1
Natural resources can include soil, water,minerals,plants, and animals
True
False
2
____ is the use of science to invent useful things or to solve problems.
Technology
Factors of production
An economic system
Productivity
3
Digital technology is powered by steam and fuel combustion
True
False
4
A mixed economy is one in which most citizens have just enough to survive
True
False
5
Infrastructure can easily be moved from place to place
False
True
6
___________ relates to the quantity of products available to meet consumer demand.
opportunity cost
economic resources
human resources
Supply and demand
7
Smaller countries would tend to have ____ natural resources.
the most
no
all of the
fewer
8
Scottish philosopher Adam Smith published ___ that first outlined how a market economy works.
the wealthy are different
20,000 leagues under the sea
the wealth of nations
the league of nations
9
Which of the following is NOT a factor of production?
Economy
Entrepreneurship
Land
Capital
10
Factors of products are also called economic resources
True
False
11
A command economy is also called a centrally planned economy.
True
False
12
A ____ is a socialist system of government achieved by democratic means.
mixed economy
social democracy
market economy
traditional economy
13
The United States is often said to be a market economy; but, it is clearly a ____ economy.
command
socialist
traditional
mixed-market
14
Economic input is the goals & services produced by an economic system during a specific time
True
False
15
Which of the following is
not
an economic question about scarcity that every nation must answer
Why are we even producing anything?
How should we produce it?
What should we produce?
Who should get the products?
16
Individuals in a market economy cannot own private property
False
True
17
Those products that businesses use to produce other goods are called what?
Labor
Human resources
Trading goods
Capital goods
18
Which of the following is
not
a type of transportation infrastructure?
Railroads
Sanitation systems
Airports
Highways
19
Many European countries, such as Sweden and France, are social democracies
True
False
20
Only individuals struggle with the problem of scarce, or limited, resources
False
True
21
The economic principle of supply and demand ha NO influence on product prices
False
True
22
Every economic decision has an opportunity cost
False
True
23
Currently, the two remaining countries with command economies are _____.
Ghana and Indonesia
Sweden and France
Soviet Union and the United States
North Korea and Cuba
24
Pure market economics doesn't exist because government has some influence on economic decisions
False
True
