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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
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Answers
1
Who makes decisions for the public sector in a mixed economy?
individuals and business
individuals
government
individuals and government
2
In the US, a pizza shop can keep all earnings after expenses. What are the earnings called?
debt
profit
market price
price
3
A bulldozer is an example of what type of resource?
Human
Entrepreneurship
Natural
Capital
4
How countries answer the 3 basic economic questions is determined by what?
the natural resources in the country
the geography of the country
the type of economic system of the country
the goods & services produced in the country
5
Scarcity refers to______ .
the factors of production
what is given up when a choice is made
in inability to satisfy all wants at the same time
things used to change economic behavior
6
In the US, people can own their means of production (store/factory). What does this describe?
private property
consumer sovereignty
competition
natural resources
7
"People have power and choice in what they buy." What economic term is this describing?
consumer sovereignty
competition
free market
private property
8
Alex won the lottery and wants to invest in stock, not a new car. What is his opportunity cost?
The interest he earns on the money
The time he could spend driving
The cost of the new car
The cost of the lottery ticket
9
All of the following are characteristics of a free market economy EXCEPT
competition
no consumer choice
private ownership
individual choice
10
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
11
What is the amount of goods and services CONSUMERS are willing to buy at a certain price?
demand
supply
incentive
consumption
12
Who determines demand in a free-market economy?
consumer
the government
businesses
producer
13
Trees are an example of what type of resource?
Entreprenuership
Natural
Human
Captial
14
The gov't of the Soviet Union provided poor quality food for its people. What economy is this?
command
traditional
free market
mixed
15
"Businesses operate with no government interference." What type of economy is this?
mixed
traditional
command
free market
16
There are two new shoe stores in Duck, NC. How will this benefit the people of Duck?
better quality with higher prices
Lower quality of higher prices
better quality with lower prices
lower quality with lower prices
17
John owns a store and decides what he wants to do with his profits. What economic system is it?
free market
traditional
barter
command
