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