stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
CE.11 Basic economics Flashcards | StudBud
Explore
/
CE.11 Basic economics
CE.11 Basic economics
32 terms
·
StudBud Administration
·
1,430 plays
#CE.11 #Economic basics
Flashcards
32 cards
F
Practice quiz
P
Host live
L
Questions
32
Answers
1
The amount of money a person has to pay for a good is the
demand
supply
incentive
price
2
Who has the
MOST
influence in a free market economy?
consumers
politicians
producers
suppliers
3
The workers in a factory are what type of resource?
capital
human
natural
entrepreneurship
4
Who makes decisions for the public sector in a mixed economy?
individuals & businesses
individuals
government
businesses
5
A command economy...
has complete government control over production & prices
results from free market competition
has a military that sells weapons to consumers
is what the US has today
6
A store-wide clearance sale is an example of...
demand
revenue
profit
incentive
7
Private ownership of property and resources is a characteristic of what economy?
traditional
socialist
command
free market
8
Which economy makes economic decisions based on custom and historical precedent?
command economy
mixed economy
free market economy
traditional economy
9
A key factor in determining the type of economy a country has is the amount of .___ involvement
business
private
individual
government
10
All of the following are characteristics of a free market economy
EXCEPT
...
no consumer choice
competition
private ownership
individual choice
11
The ability of markets to operate with little govt. interference refers to...
private property
opportunity cost
competition
free markets
12
How does a command economy decide what will be produced?
Companies make the most popular products.
The govt. lets companies keep their profits.
Companies make products to be traded to other countries.
Govt. leaders determine how much will be produced.
13
How does opening a second donut shop in a small town affect the consumers?
Customer service at both stores will improve.
The quality of the donuts will decrease.
Fewer people will buy donuts.
The price of donuts will increase.
14
Businesses, individuals and government make economic decisions in which economy?
command
traditional
free market
mixed
15
Which is true about supply and demand?
Supply is effected when the govt. controls demand.
The best price is when supply equals demand.
Demand only increases if supply increases.
If the supply is reduced, the demand is also reduced.
16
Which type of economy is most common in the world today?
mixed
traditional
command
free market
17
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.
18
What is the main role of the consumer in the US economy?
to buy all goods at any price
to operate the economy without undue influence
to determine through their purchases what will be produced
to make products and services for themselves.
19
MIchael won the lottery & decided to buy a yacht instead of a private jet. Opportunity cost?
the lottery
the yacht
the yacht & the jet
the jet
20
The rivalry among producers that leads to better quality and lower prices is
profit
opportunity cost
competition
free market
21
Name anyone in this picture.
Johnny
JT
Olivia
Trang
22
A robot on a car assembly line is what type of resource?
capital
human
entrepreneurship
natural
23
Pick CIRCLE
SQUARE
CIRCLE
DIAMOND
TRIANGLE
24
Consumer preferences and the availability of ___ determine what is produced.
entrepreneurs
honey bees
workers
resources
25
What is consumption?
what is given up when a choice is made
using goods and services
making goods and services
the thing that determines price
26
The inability to satisfy all wants at the same time is
production
consumption
opportunity cost
scarcity
27
The amount of goods or services that consumers are willing to buy at a certain price is
demand
supply
incentive
consumption
28
If the supply of a good decreases, what would happen?
The price would increase
The demand would decrease
The demand would increase
The price would drop
29
What do you call the process of combining resources to produce goods and services?
demand
distribution
consumption
production
30
When supply is high and demand is low, the price of an item will...
stay the same
decrease
increase
31
What type of economy does the US have?
mixed
free market
command
traditional
32
In a free market economy, who is allowed to keep the profits?
consumers
individuals
businesses
government
