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Chapter 1 & 2 Quiz Review... Hey that ryhmes Flashcards | StudBud

Explore/Chapter 1 & 2 Quiz Review... Hey that ryhmes

Chapter 1 & 2 Quiz Review... Hey that ryhmes

14 terms·StudBud Administration·20 plays

This is a review for the quiz on chapters 1 & 2. Key terms.. You know the important stuff.. I think.

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Questions 14

Answers

1
What type of resource is sunlight
Natrual
Capital
Human
2
What is prosperity?
The economy seemingly halts
People are willing to work
People start to not want to work
3
Consumer
A person who eats food
Person who buys and uses goods and services
A person who buys food
4
What are the three economic questions?
What goods and services will be produced?
What needs and wants will be satisfied?
How will the goods and services be produced?
5
Things you can see and actually touch
services
wants
goods
needs
6
What is the third step in the decision making process?
Identify
Gather information
Evaluate
Take Action
7
What is Capitalism
goods and services are produced the same they've always been
Private ownership of resources by individuals
Combines elements of command and market economy
8
What type of economy doesn't exist?
Market Economy
Traditional Economy
A perfect economy
Command Economy
9
When supply increases, demand also increases
False
True
10
What is the point when supply and demand are equal?
trade off
scarcity
market price
capitalism
11
What is Recession?
period in which businesses recover from depression
Prices of goods and services increase
Demand decreases-businesses slow production-unemployment up
Decrease of prices, and unemployment goes down
12
What are Natural Resources
buildings, and other investments
Raw resources from the earth
manufactured objects
13
How do you find the total recruiting costs?
hiring expenses
advertising expenses
all of the above
interviewing expenses
14
What is one way of measuring economic growth?
Depression
Productivity
GDP Per Capita
Recession