If a product has inelastic demand, a price increase will casue...

little to no change in the demand for the item

A mixed economy is...

a blend of the command and market ecnonmies

What determines the type of economic system a counrty has...

the way the basic economic questions are answered

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Chapter 2

20 termsStudBud Administration25 plays

Entreprenuers in a Market Economy

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Questions 20

Answers

1
Needs are....
things you must have in order to survice
women
men
things that you think you need in order to be satisfied
2
Individuals and businesses decide what, how, and for who services and products are produced
in a Command economy
in a traditional economy
in a Mixed economy
in a Market Economy
3
What is profit?
Money
the difference of revenues and cost
cost of operating a business
revenues and liabilities
4
What kind of economy the determines what, how, and for who services and products are produced
Command
Market
Communistic
Traditional
5
What is the correct spelling of the class name
Entrepreneurship
Enterpreneurship
Enterprenuership
Entreprenuership
6
What is not a function of a buisness
human resources
marketing
production
management
7
Which of the followin is not an example of a service
car wash
law care
cable TV installation
bicycle
8
The following identifies the five areas of needs except...
Social
Sleep
Esteem
Physiological
9
Equilibrium price is....
The supply equal the demands
When the supply is greater than the deman
a demand for the supply has surpassed the equilibrium point
the Demand is greater than the supply
10
Economic wants involve a desire for material goods and services
True
False
11
The Carolina Panthers will win the Super Bowl this year...
Of Course!
Carolina WHO?
More than Likely
Likely
12
If a product has inelastic demand, a price increase will casue...
consumers to buy more
competitors to enter the market
little to no change in the demand for the item
consumer to buy less
13
The 3 Economic Resources are...
Human, Limited, Capital
Capital, Human, Natural
Capital, Limited, Specialized
Natural, Human, Limited
14
Ford Motor Company operates in which type of market
monopolistic competition
oligopoly
perfect competition
monopoly
15
An example of a noneconomic want is
clothing
cars
friendship
housing
16
A mixed economy is...
a traditional economy that went to a communistic economy
a blend of the command and market ecnonmies
a races are in charge
a shortage of goods and services
17
Another name for ecnomic resources is
command economy
goods and services
supply and demand
factors of production
18
What determines the type of economic system a counrty has...
the way the basic economic questions are answered
the demand of the country
political beliefs of the counrtry's ruler
the resources of the country
19
How many functions of a business
4
5
3
6
20
Which activities doe not make up the marketing mix
product
promotion
price
people

Chapter 2 Flashcards | StudBud