What are the 4 principles of capitalism?

Competition, Profit, Private Property, Freedom of Choice

What are economic systems based on?

How the country answers the 3 economic questions.

How is market price determined?

the point where supply and demand are equal

Which is not a basic economic question?

How much will the goods and services cost?

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Chapter 1 Review - Economic Decisions and Systems

20 termsStudBud Administration578 plays

Review over chapter 1 - Intro to Business

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Questions 20

Answers

1
Those who determine which products and services will be available for sale.
Producers
Consumers
Human Resources
Needs
2
If prices increase, demand will do what?
Stay the Same
Increase
Decrease
Equal
3
The quantity of goods and services that consumers are willing and able to buy
Supply
Demand
Market Price
Scarcity
4
Scarcity forces you to make...
Opportunity Cost
Choices
Demand
Marketplace
5
What is not a human resource?
Tools for building
Delivery Driver
Brick Layers
Construction Workers
6
Value of the next-best alternative that you did not choose.
Trade-Off
Scarcity
Opportunity Cost
Market Price
7
What are the 4 principles of capitalism?
Competition, Profit, Private Property, Freedom of Choice
Freedom of Choice, Consumers, Demand, Profit
Private Property, Entrepreneurship, Profit, Market Price
Profit, Competition, Supply, Demand
8
What are economic systems based on?
The type of economy
How the country answers the 3 economic questions.
Religion
Consumer Deman
9
If prices decrease, supply for Krispy Kremes will do what?
Decrease
Equal
Stay the Same
Increase
10
How is market price determined?
Method a country uses to answer the three economic questions
The money left over from sales
Not having enough resources to satisfy every need.
the point where supply and demand are equal
11
What are the 3 factors of production?
Needs, Wants, Goods
Natural, Human, Economic
Supply, Demand, Consumers
Natural, Human, Capital
12
Things that add comfort and pleasure to your life.
Needs
Wants
Entrepreneurship
Supply
13
When you give something up to have something else
Scarcity
Trade - Off
Capitalism
Opportunity Cost
14
Type of economy used in countries that are less developed
Traditional
Mixed
Market
Command
15
The private ownership of economic resources by individuals, rather than by the government.
Capitalism
Command Economy
Market Price
Freedom of Choice
16
Which is not a basic economic question?
What goods and services will be produced?
How much will the goods and services cost?
How will the goods and services be produced?
What needs and wants will be satisfied?
17
What is an example of capital resources?
trees
cement
truck driver
water
18
Things that are intangible and have no physical characteristics
Supply
Human Resources
Goods
Services
19
What economic system has the highest level of government involvement?
Mixed
Command
Market
Traditional
20
What is the 2nd step in the decision-making process?
Identify the Choices
Review The Decision
Research
Act on Your Choice

Chapter 1 Review - Economic Decisions and Systems Flashcards | StudBud