How does competition benefit consumers?

They're offered a wide variety of products at various prices

What are the 4 types of Economic Resources?

Environmental, Capital, Human and Entrepreneurship

What is one pro of a market economy?

There's a lot of incentive for creativity & entrepreneurship

What does the term "opportunity cost" mean?

The benefit you could have received by taking another action

Government helps to maintain a free enterprise system by setting up laws to control…

Monopolies and promote competition

What is one con of a command economy?

Small job market bc only few industries r focused on by govt

A student decides to attend college full-time i/o working. What's the opportunity cost here?

The potential income lost from not joining the workforce.

What are the two types of economic systems?

Command Economy & Market Economy

What 3 factors play a role in setting prices for products?

raw materials, supply & demand, competition

What is time utility?

Products are available when consumers want them.

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Economics Unit_Marketing Test

21 termsStudBud Administration58 plays

economic resources, economic systems

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Questions 21

Answers

1
What does this image represent?
Buyer's Market
Opportunity Cost
Time Utility
Seller's Market
2
How does competition benefit consumers?
They're offered a wide variety of products at various prices
They're offered different prices only to choose from
They're offered 1 or 2 choices to pick from
They're offered different brands only to choose from
3
What are the 4 types of Economic Resources?
Environmental, Natural, Human, and Labor
Environmental, Capital, Human and Entrepreneurship
Human, Competition, Capital and Money
Human, Competition, Entrepreneurship, and Environmental
4
The government needs to be involved within the economy to regulate & protect...
Consumer Goods & Services
Medicine & Food
All of the above
Worker's Rights
5
What is one pro of a market economy?
Basic needs are met of all individuals
There's a lot of incentive for creativity & entrepreneurship
Businesses are motivated by self interest
Consumers may waste money on wants instead of needs
6
What does the term "opportunity cost" mean?
The cost of goods prior to being marked up
The negative result you encounter by taking another action.
Both A & B
The benefit you could have received by taking another action
7
Based on Supply & Demand if a new product is in high demand then a retailer may charge a _____?
Sale price
Average price
Low price
High price
8
As a result of _____, consumers often are offered improved product quality and product options.
Competition
Raw Materials
Refunds
Prices
9
Government helps to maintain a free enterprise system by setting up laws to control…
Relationships between competitors
Quantities and stock levels of merchandise
Monopolies and promote competition
Working conditions
10
In regards to economics, human resources is also known as...
Land
Business Organization
Money
Labor
11
What does this image represent?
Buyer's Market
Command Economy
Seller's Market
Joint Venture
12
What is one con of a command economy?
Small job market bc only few industries r focused on by govt
Basic needs are met of all individuals
There is an equal distribution of wealth
Capable of creating a healthy supply of resources
13
Which economic system represents a Communist nation, heavily controlled by the government?
Seller's Market
Command Economy
Market Economy
Mixed Economy
14
There are few suppliers w/ many consumers looking to buy. What is this called?
Sole Proprietorship
Seller's Market
Entrepreneurship
Buyer's Market
15
Economics is the process of making decisions to satisfy unlimited human needs & wants w/ ____.
Environmental Resources
Limited Resources
Capital Resources
Unlimited Resources
16
In today's world, most nations are considered to be ______________ Economy
Market
Command
Free
Mixed
17
A student decides to attend college full-time i/o working. What's the opportunity cost here?
Their degree that they will receive upon graduation
Their student loan debt
The potential income lost from not joining the workforce.
None of the above
18
What are the two types of economic systems?
Command Economy & Market Economy
Command Economy & Buyer's Market
Buyer's Market & Seller's Market
Market Economy & Seller's Market
19
Which economic system allows private businesses to obtain & allocate resources as they wish?
Buyer's Market
Market Economy
Command Economy
Seller's Market
20
What 3 factors play a role in setting prices for products?
the government, raw materials and competition
None of the above
consumers only
raw materials, supply & demand, competition
21
What is time utility?
Products are avail at prices consumers are willing to pay
Products are NOT available when consumers want them.
Products are available from various competitors
Products are available when consumers want them.

Economics Unit_Marketing Test Flashcards | StudBud