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Duplicate of BE--"Economic Decisions and Systems" (Ch. 1) Flashcards | StudBud
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Duplicate of BE--"Economic Decisions and Systems" (Ch. 1)
Duplicate of BE--"Economic Decisions and Systems" (Ch. 1)
40 terms
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StudBud Administration
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Economic Decisions and Systems #commandeconomy #mixedeconomy #needs #wants #freeenterpriseeconomy
Flashcards
40 cards
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Questions
40
Answers
1
Which of the following is NOT one of the basic economic questions answered by a country.
How much of a g/s will be produced?
What needs/wants will be satisfied?
What g/s will be produced?
How will the g/s be produced?
2
Giving up on something to have something else.
Opportunity cost
Trade-off
3
A good substitute for a product will impact the _____ for a name-brand product.
supply
demand
4
Unlimited wants & needs & limited economic resources is known as "the basic economic problem".
False
True
5
In most command economies the govt. determines the work people do & the education they obtain.
False
True
6
The economy of China is adopting elements of a ___ system for a number of economic decisions.
Command
Market
Socialism
7
Person who buys and uses goods and services.
Manufacturer
Buyer
Consumer
Producer
8
Things that add comfort and pleasure to your life.
Wants
Needs
9
Quantity of a good or service that consumers are willing and able to buy.
Demand
Surplus
Shortage
Supply
10
Which is NOT one of the four important principles the US economy is based on?
Freedom of choice
Private property
Guaranteed profit
Competition
11
Things that are required in order to live.
Wants
Needs
Both answers
12
Individuals that determine what product or service will be available for sale.
Consumer
Producer
President of Sales
CEO
13
Economy in which resources are owned & controlled by the government.
Command economy
Market economy
Mixed economy
14
Point where supply and demand are equal.
Both answers
Equilibrium point
Market price
15
Quantity of a good or service that businesses are willing and able to provide.
Surplus
Demand
Shortage
Supply
16
What % of the US population produces the food consumed (US citizens involved with agriculture)?
10%
3%
5%
15%
17
In a command economy, consumers have many choices in the marketplace.
True
False
18
Economy in which the resources are owned & controlled by the people of the country.
Market economy
Traditional economy
Command economy
19
No country has unlimited resources.
False
True
20
Things that you can see and touch.
Goods
Services
21
Consumers in a free-enterprise economy "vote" with their dollars in the marketplace.
True
False
22
Economy in which goods and services are produced the way it has always been done.
Traditional economy
Market economy
Command economy
Mixed economy
23
Supply, demand, and competition determine the market price for a product or service.
True
False
24
This is consumed at the same time the activity is provided.
Service
Good
Tangible item
25
As prices go up, producers are willing to supply ___ of the product.
More
Less
26
Which of the following is NOT one of the three categories known as "factors of production"?
Natural resources
Human resources
None
Capital resources
27
Lack of competition tends to drive the price of products ____.
up
down
28
Competition encourages businesses to be creative and provide great customer service.
True
False
29
The method a country uses to answer the three economic questions.
Economic system
Economic resources
Wants
Decision making process
30
Consumers demand ____ of a product at a higher price.
More
Less
31
A natural disaster (drought in CA) will impact the ____ of a product.
supply
demand
32
Private ownership of resources by individuals rather than by the government.
Free-enterprise economy
All answers
Capitalism economy
Market economy
33
Value of the next-best alternative that you were not able to choose.
Opportunity cost
Trade-off
34
A consumer in a mkt. economy has the freedom to choose what to purchase and what price to pay.
False
True
35
Not having enough resources to satisfy every need.
Scarcity
Shortage
Surplus
36
Process of choosing which needs and wants will be satisfied.
Economic choices
Economic decision-making
Economic resources
37
Things available to be used to produce goods and services.
Natural resources
buyers
Economic resources
Producers
38
How are producers rewarded in a market economy?
Free time
Profits
Many friends
39
Competition encourages businesses to keep prices and quality of their product low.
True
False
40
Economy that combines elements of the command & market economies.
Mixed
Free-enterprise
Traditional
Capitalism
