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Chapter #1: The Fundamentals of Economics Flashcards | StudBud
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Chapter #1: The Fundamentals of Economics
Chapter #1: The Fundamentals of Economics
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#personalfinancialmanagement #familyandconsumersciences
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
A _____ is the maximum price that can be charged for goods or services and is set by the govt.
Price Floor
Surplus
Shortage
Price Ceiling
2
An economy in which supply and demand determine what is produced is a(n) _______.
Market Economy.
None of the Above.
Traditional Economy.
Command Economy.
3
A _____ occurs when supply exceeds demand.
Price Ceiling
Surplus
Shortage
Price Floor
4
The price at which there are no overages or shortages of goods is the _____.
Inelastic Demand
Equilibrium Point
Elastic Demand
Price Floor
5
A(n) ____ provides the means for purchasing and selling securities.
Bank
Financial Market
Incentive
Economy
6
All goods and services an economy produces require _____?
Scarcity.
The government.
Opportunity Costs.
The four factors of production.
7
Insurance companies, brokerage firms, and investment bankers are examples of _____.
Depository institutions.
Financial markets.
Non-depository institutions.
Banks
8
Loyalty programs and increases in wages are examples of _____.
Incentives.
Capital.
Shortages.
Derivatives.
9
A _____ economy is based on customs and traditions.
Command
None of the Above
Traditional
Market
10
The degree to which demand is affected by price is called _____.
A surplus.
Demand elasticity
A price ceiling.
A price floor.
