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Types of Economic Systems and Supply and Demand (CE 11a, 11b) Flashcards | StudBud
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Types of Economic Systems and Supply and Demand (CE 11a, 11b)
Types of Economic Systems and Supply and Demand (CE 11a, 11b)
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A review game for Economics Marketplace (CE 11) #vasols #economics #ce11
Flashcards
17 cards
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Questions
17
Answers
1
There are two new shoe stores in Duck, NC. How will this benefit the people of Duck?
lower quality with lower prices
better quality with lower prices
Lower quality of higher prices
better quality with higher prices
2
The gov't of the Soviet Union provided poor quality food for its people. What economy is this?
mixed
command
free market
traditional
3
Who determines demand in a free-market economy?
consumer
businesses
the government
producer
4
"People have power and choice in what they buy." What economic term is this describing?
consumer sovereignty
free market
private property
competition
5
In the US, a pizza shop can keep all earnings after expenses. What are the earnings called?
price
profit
debt
market price
6
All of the following are characteristics of a free market economy EXCEPT
individual choice
no consumer choice
private ownership
competition
7
Who makes decisions for the public sector in a mixed economy?
individuals
individuals and government
government
individuals and business
8
When supply of a product is high and demand is low, what will happen to the price of the item?
decreases
the product is free
stays the same
increases
9
How countries answer the 3 basic economic questions is determined by what?
the goods & services produced in the country
the type of economic system of the country
the geography of the country
the natural resources in the country
10
What is the amount of goods and services CONSUMERS are willing to buy at a certain price?
consumption
incentive
supply
demand
11
Scarcity refers to______ .
the factors of production
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
12
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
13
"Businesses operate with no government interference." What type of economy is this?
mixed
free market
command
traditional
14
John owns a store and decides what he wants to do with his profits. What economic system is it?
traditional
free market
barter
command
15
In the US, people can own their means of production (store/factory). What does this describe?
natural resources
private property
consumer sovereignty
competition
16
Trees are an example of what type of resource?
Human
Natural
Entreprenuership
Captial
17
A bulldozer is an example of what type of resource?
Entrepreneurship
Capital
Natural
Human
