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Economic Decisions and Systems Flashcards | StudBud
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Economic Decisions and Systems
Economic Decisions and Systems
25 terms
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StudBud Administration
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Chapter 1
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What is the first step of the Decision-making process?
Choose one
Act on your choice
Identify the choices
Define the Problem
2
What is a factor influencing supply?
Market Price
Natural Disasters
Price
Availability
3
What is a capital resource?
Man power
Products and money used in the production of goods/ services
Raw materials/ not man-made
People who produce goods
4
Which of the following is a good?
Hair styling
Lawn mowing
Pencil
Check-out in store
5
What is a factor influencing demand?
Natural disasters
Freedom of choice
Capitalism
Price
6
The Decision-Making Process has how many steps?
5
7
4
6
7
True or False: The supply comes from the producer
True
False
8
What is scarcity?
Unlimited wants with limited resources
Compromises
Opportunity Costs
Tradeoffs
9
What is an example of a need?
Water
Car
Cell Phone
Air Conditioning
10
True or False: Market price can have shortages or surpluses
True
False
11
What is a command economy?
Government has control over resources and their uses
Take bits and pieces of all economies
Resources owned and used by the people
The economy is run the way it has always been run
12
True or False: We buy the supply
False
True
13
Which of the following is an example of a human resource?
Machine Operator
Flour
Tree
Money
14
What is the last step of the Decision-Making Process?
Review your decision
Identify the choices
Evaluate the advantages/disadvantages of each choice
Act on your choice
15
What is the law of supply?
Price goes down that's being offered, supply goes up
Price goes up that is being offered, supply goes up
None of the above
16
What resource is this: Raw materials supplied by nature (not man made).
Capital
Human
Entrepreneur
Natural
17
What is an example of a want?
Air Conditioning
Food
Water
Air
18
How many economic questions are there?
5
6
2
3
19
True or False: The demand comes from the producers
False
True
20
What is an example of a service?
Bike
Hair styling
Building
Clothes
21
True or False: Freedom of choice includes being able to accept outcomes
False
True
22
A market economy is when...
Resources are owned and controlled by the people
The economy takes bits and pieces of all economies
The economy is run the way it has always been run
Government has control over resources and their uses
23
True or False: One can determine Market Price by seeing the intersection on a graph
True
False
24
True or False: Capitalism is when the public has control of resources
True
False
25
What are opportunity costs?
Value of next best alternative that you didn't choose
Products and money used in th production of good/ services
Risk taker
Unlimited wants with limited resources
