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Resource Management - Economics
Resource Management - Economics
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Basics of economics
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
Which is not an economic system?
Production
Traditional
Command
Market
2
All economic systems try to resolve the problems of unlimited wants and limited resources.
False
True
3
What is the key incentive to produce goods and services?
profit
job satisfaction
government regulation
competition
4
In a market economy the government controls most of the resources.
True
False
5
The higher the price of a good, the more of it consumers will demand.
False
True
6
A system in which economic decisions are based on a society's values, culture, and customs.
command ecomony
market economy
mixed ecomony
traditional economy
7
The lower the price of a good, the higher the quantity supplied by producers.
False
True
8
_______ refers to the challenge of resources being limited while wants are unlimited.
competition
free enterprise
scarcity
opportunity costs
9
The desire for profit motivates people to spend money.
True
False
10
In a market economy, competition for profits encourages _______
lower prices
product improvements
greater variety of goods and services
all of the above
11
The law of supply and demand shows that price and demand move in the same direction.
True
False
12
Free enterprise is privately owned businesses competing for profit with limited govern. control
True
False
13
Consumer choices and needs are the most important factor in a command economy.
True
False
14
Which is not a factor of production?
land
luxury
lakes
labor
15
In a market economy, what determines how to divide the goods and services produced?
All of the above
Businesses that own productive resources
The country's religious leaders
The forces of supply and demand
16
The value of the best option or alternative given up
opportunity cost
trade off
human resource
price
17
Which of the following is one of the four qualities of a market economy?
scarcity
innovation
opportunity cost
free economic choice
18
The law of supply and demand shows that price and supply move in the same direction.
False
True
19
What is scarcity?
a combination of limited resources and unlimited wants
a combination of unlimited resources and wants
a combination of limited resources and wants
a combination of unlimited resources and limited wants
20
Which will most likely cause the price to increase?
All of the above
Demand for an item is greater than the supply
Supply for an item is greater than the demand
Demand decreases and supply remains the same
21
A market and command economy differ primarily in ___________
the resources available
the way economic choices are made
the society's welfare
the types of goods and services produced
22
What is America's economic system?
Traditional
Mixed
Market
Command
23
A trade-off is choosing one item, which involves giving up another.
False
True
24
Economics is the study of when...
people who don't care about money
people get whatever they want whenever they want
people can't get anything because they have no money
people make choices to fulfill their wants w/ few resources
