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The Problem of Scarcity Flashcards | StudBud
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The Problem of Scarcity
The Problem of Scarcity
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Marketing Dynamics Chapter Six
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
every economic decision has a cost.
False
True
2
an economic system consists of..
factors of production
economic decisions
economic resources
economic inputs and economic outputs
3
according to the video, getting car tires and not a new cell phone is an ex of opportunity cost
True
False
4
In a Market Economy, who decides how the economy will operate?
consumers
both
the government
5
Advanced Technology includes __________ and ___________.
individuals, nations
economic systems, computer systems
scarcity, infrastructure
industrial technology, digital technology
6
Scarcity is...
when there arent anough needs to meet resources
when there are not enough resources to meet needs
7
An _____ turns resources into products that satisfy needs
infrastructure
economic system
economic input
economic choice
8
Scarcity does not affect the economy.
False
True
9
Land, Labor and Capital are the three economic inputs.
True
False
10
in the video, what is a mixed economy?
econmomic system which the government has little involvement
a combo of private ownership and government control
an economy where the government has complete control
11
some economic resources can be used multiple times.
True
False
12
In a market economy, a low price is a signalfor
producers to supply more and consumers to buyless
producers to offer less and consumers to buymore
producers and consumers to buy more
government to step in a protect producers
13
buying a cheaper product instead of buying the name brand is an example of..
economic input
taste
opportunity cost
subsitute
14
Choices made to solve the scarcity problem are called...
economic decisions
economic balences
both a and b
economic choices
15
according to the video, which country has a command economic system?
The U.S
<p>North Korea</p>
Russia
