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ITB - Ch 1 - Economic Decisions & Systems Flashcards | StudBud
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ITB - Ch 1 - Economic Decisions & Systems
ITB - Ch 1 - Economic Decisions & Systems
17 terms
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StudBud Administration
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63 plays
Markets, Supply and Demand
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
People producing goods and services...
producers
natural resources
human resources
scarcity
2
Economic resources are sometimes referred to as ...
factors of production
capitalism
traditional economy
goods and services
3
Purchase a DVD of your favorite movie instead of a pair of jeans, value of the jeans is the ..
profit
market price
opportunity cost
trade off price
4
The United States conducts trade with ______ countries
over 300
over 100
over 180
5
Consumers are which of the following..
all of the above are consumers
a business
an individual
the government
6
If freezing weather damages orange crops in Florida...
the demand for oranges will decrease
the price of orange juice will decrease
the price of oranges will increase
the supply of oranges will remain unchanged
7
Consumers base their decisions on their own self-interest
freedom of choice
command economy
market economy
traditional economy
8
Personal economic freedom is most limited in a ...
mixed economy
market economy
command economy
traditional economy
9
The means through which goods and services are produced are called...
needs
economic choices
economic resources
spending opportunities
10
All of the following is a capital resource EXCEPT..
employees
lumber
factory
pickup truck
11
If heavy competition keeps product price low, businesses are motivated to sell the product..
False
True
12
A country focuses on advanced technology & a skilled labor force, it answers which basic econ?
Which wants to satisfy?
How to produce?
What needs to be satisfied?
What to produce?
13
In a market economy, buying decisions are made by consumers..
False
True
14
The basic economic problem is:
determining how to satisfy needs and wants
having unlimited needs & wants, limited economic resources
deciding what goods and services to produce
identifying the goods and services available to you
15
The quantity of a good or service that consumers are willing and able to buy is called...
supply
an economic want
capital
demand
16
About how many people are employed in the U.S.
240 million
30 million
75 million
155 million
17
In which of the following situations is demand MOST likely to be reduced?
Customers find a good substitute for a product
Customers see many products to satisfy a need
all of the above reduce demand
prices for a popular product go down
