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CE.11 Basic economics Flashcards | StudBud
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CE.11 Basic economics
CE.11 Basic economics
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#CE.11 #Economic basics
Flashcards
32 cards
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Questions
32
Answers
1
How does a command economy decide what will be produced?
Companies make the most popular products.
Govt. leaders determine how much will be produced.
The govt. lets companies keep their profits.
Companies make products to be traded to other countries.
2
What is the main role of the consumer in the US economy?
to determine through their purchases what will be produced
to make products and services for themselves.
to operate the economy without undue influence
to buy all goods at any price
3
The amount of goods or services that consumers are willing to buy at a certain price is
consumption
supply
incentive
demand
4
If the supply of a good decreases, what would happen?
The price would increase
The price would drop
The demand would increase
The demand would decrease
5
Pick CIRCLE
DIAMOND
SQUARE
TRIANGLE
CIRCLE
6
A robot on a car assembly line is what type of resource?
human
entrepreneurship
capital
natural
7
The rivalry among producers that leads to better quality and lower prices is
competition
free market
profit
opportunity cost
8
The workers in a factory are what type of resource?
human
entrepreneurship
capital
natural
9
Name anyone in this picture.
Trang
Johnny
Olivia
JT
10
Consumer preferences and the availability of ___ determine what is produced.
workers
entrepreneurs
honey bees
resources
11
Which is true about supply and demand?
Demand only increases if supply increases.
Supply is effected when the govt. controls demand.
If the supply is reduced, the demand is also reduced.
The best price is when supply equals demand.
12
How does opening a second donut shop in a small town affect the consumers?
The price of donuts will increase.
The quality of the donuts will decrease.
Fewer people will buy donuts.
Customer service at both stores will improve.
13
MIchael won the lottery & decided to buy a yacht instead of a private jet. Opportunity cost?
the jet
the lottery
the yacht
the yacht & the jet
14
Which type of economy is most common in the world today?
free market
command
mixed
traditional
15
A command economy...
has a military that sells weapons to consumers
has complete government control over production & prices
results from free market competition
is what the US has today
16
Private ownership of property and resources is a characteristic of what economy?
command
traditional
socialist
free market
17
The amount of money a person has to pay for a good is the
supply
demand
price
incentive
18
When supply is high and demand is low, the price of an item will...
stay the same
decrease
increase
19
The ability of markets to operate with little govt. interference refers to...
competition
private property
free markets
opportunity cost
20
A key factor in determining the type of economy a country has is the amount of .___ involvement
government
business
private
individual
21
The inability to satisfy all wants at the same time is
consumption
production
opportunity cost
scarcity
22
Businesses, individuals and government make economic decisions in which economy?
command
traditional
free market
mixed
23
What is consumption?
the thing that determines price
what is given up when a choice is made
making goods and services
using goods and services
24
A store-wide clearance sale is an example of...
profit
incentive
revenue
demand
25
All of the following are characteristics of a free market economy
EXCEPT
...
private ownership
competition
no consumer choice
individual choice
26
Which economy makes economic decisions based on custom and historical precedent?
mixed economy
free market economy
command economy
traditional economy
27
Countries develop economic systems to determine...
how to deal with the problem of scarcity.
how to use limited resources.
ownership of property and resources.
choices and prices in the market.
28
In a free market economy, who is allowed to keep the profits?
consumers
businesses
individuals
government
29
Who makes decisions for the public sector in a mixed economy?
individuals & businesses
government
businesses
individuals
30
What do you call the process of combining resources to produce goods and services?
production
consumption
distribution
demand
31
What type of economy does the US have?
mixed
command
traditional
free market
32
Who has the
MOST
influence in a free market economy?
politicians
producers
consumers
suppliers
