Economics Test Review

Ivy League Education

Economic ___ are what motivates you to behave a certain way.

Birthday Cake

___ is the willingness and ability to start a new business.

Items a person must have in order to survive

Provides goods and services to meet demand

In which economic system do privately owned businesses operate & compete for profits with limited government regulation?

FBLA stands for:

The choice given up when one choice is made over another

On the Circular Flow of a Market Economy diagram, which direction does money flow?

Basic Housing

A ___ economy is a system in which economic decisions are based on a society's values, culture, and customs.

As a paid member of FBLA, you will be required to compete.

Human resources include ___.

Consumers have limited choices in the marketplace

All the tools, equipment, and machinery that are used to make final products are called ___.

___ are resources such as land, capital, money, and technology.

The ___ is anywhere buyers and sellers meet to exchange goods, services, and money.

Changes happen slowly

___ are the economic resources a nation uses to make goods and supply services for its population.

On the Circular Flow of a Market Economy diagram, where are the finished goods and services sold to consumers?

A(n) __ system is the structure in which limited resources are turned into goods & services to address __ needs & wants.

Which of the following is one of the four qualities of a market economy?

What is the key incentive for individuals and businesses to produce goods and services?

Items a person would like to have but that are not essential to life

The FBLA dress code of professional attire includes all of the following EXCEPT:

The work performed by people who turn resources into products is called ___.

Described the underlying forces that we don't see that have an impact on people's economic choices as the invisible hand

Farming, hunting, and gathering are done largely in the same fashion as the generation before

This characteristic of an entrepreneur involves being able to accomplish tasks without supervision:

Any input used to generate other goods and services

On the Circular Flow of a Market Economy diagram, where are resources sold by households and purchased by firms?

The following skills are needed by an entrepreneur EXCEPT:

Qualities or characteristics that a person has are considered ___.

The national FBLA colors are:

A trade-off results in a(n) ___.

Competition

The basic economic problem that arises because there are unlimited human needs and wants but limited resources

Emergency Room Doctor

The buyer and user of goods and services

The United States is an example of which economic system?

A ___ economy is a combination of the market and command systems.

Which type of economy is also known as a free enterprise system?

Often associated with a communist or socialist form of government

Making a choice results in a(n) ___.

Of the fast food restaurants below, which restaurant is a competitor of Chick-Fil-A?

The value of the option that was given up

Positive economic incentives include all of the following EXCEPT:

___ is a disadvantage of being an entrepreneur.

___ is all of the natural resources (i.e. soil, water, minerals, plants, animals, and climate) of a nation.