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Economic Decisions & Systems,Ch 1 Flashcards | StudBud
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Economic Decisions & Systems,Ch 1
Economic Decisions & Systems,Ch 1
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Markets, Supply and Demand
Flashcards
19 cards
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Questions
19
Answers
1
Personal economic freedom is most limited in a ...
market economy
mixed economy
command economy
traditional economy
2
The point at which supply and demand are equal is
Economic Resources
Demand curve
Market price
Supply Curve
3
The basic economic problem is:
having unlimited needs & wants, limited economic resources
deciding what goods and services to produce
identifying the goods and services available to you
determining how to satisfy needs and wants
4
All of the following is a capital resource EXCEPT..
factory
pickup truck
land
employees
5
About how many people are employed in the U.S.
75 million
240 million
155 million
30 million
6
Purchase a DVD of your favorite movie instead of a pair of jeans, value of the jeans is the ..
profit
opportunity cost
trade off price
market price
7
If heavy competition keeps product price low, businesses are motivated to sell the product..
False
True
8
The means through which goods and services are produced are called...
economic choices
economic resources
needs
spending opportunities
9
The United States conducts trade with ______ countries
over 180
over 300
over 100
10
People producing goods and services...
natural resources
human resources
scarcity
producers
11
In which of the following situations is demand MOST likely to be reduced?
prices for a popular product go down
Customers find a good substitute for a product
Customers see many products to satisfy a need
all of the above reduce demand
12
A country focuses on advanced technology & a skilled labor force, it answers which basic econ?
What needs to be satisfied?
What to produce?
Which wants to satisfy?
How to produce?
13
What is the process of choosing which wants, among several options, will be satisfied??
Trade-off
Decision Making Process
Economic Decision Making
Opportunity Cost
14
Consumers base their decisions on their own self-interest
freedom of choice
market economy
command economy
traditional economy
15
If freezing weather damages orange crops in Florida...
the price of oranges will increase
the price of orange juice will decrease
the supply of oranges will remain unchanged
the demand for oranges will decrease
16
Consumers are which of the following..
the government
a business
all of the above are consumers
an individual
17
The quantity of a good or service that consumers are willing and able to buy is called...
demand
capital
supply
an economic want
18
Economic resources are sometimes referred to as ...
traditional economy
capitalism
factors of production
goods and services
19
In a market economy, buying decisions are made by consumers..
True
False
