Economics

A person who does one job in the production process is known in economics as a

Economic condition in which the value of money decreases

Which is not a basic human need?

With advertising, the consumer finds out all the following about an item except

The most important factor in keeping prices down and quality up in a Market System

Which of the following will probably not affect supply?

Amount of money earned for producing goods and services

The means by which consumers find out what is for sale, where to buy it, and for how much

What you must give up in order to acquire something else.

Which of the following is an example of the economic resource of land?

 Economic system in which the government determines what and how much to produce, and its price

Science of how people use resources to satisfy their needs and wants

Which of the following is not an advantage of specialization

Which of the following will probably not affect demand?

Name given to a free market economic system

This increases when demand goes up and/or supply goes down

Banks make their money

This occurs because wants are limited and choices have to be made.

One negative outcome of increasing the money supply is

A person with a skill few others have is paid more for that service.  This is an example of

"The buyer is king" - or what people want to buy will be sold- is an example of this.

Economics is the science of how people use ______________ to satisfy their needs and wants.

Which of the following is not a producer?

The difference between earnings and expenses- a necessary incentive in a market system

The main reason that most people can't have all they want in our economic system

Demand for a product is most affected by

The measure of goods and services that are produced per worker per unit of time.

A person who organizes/manages a business taking the risk for loss and the reward for profit

Products purchased that are expected to last only a short period of time

A person who buys goods and services

The main incentive in any economic Market System.

Which of the following is not exchanged in a Free Market System?

Things made and used to produce goods and services such as buildings, tools, desks, etc.

Which of the following is a consumer?

Consumer products that don't have to be purchased frequently because they last a long time.

In a Market System, price is set by

One reason that money works better than barter is

The process that allows people to buy goods and services

Term given when demand for a product is only slightly affected by its price

Which is not an advantage of specialization

Term given when demand is greatly affected by a price change

Which of the following is a capital resource?

How goods are made with resources and how services are performed is known as

The amount of goods and services for which consumers are willing to pay

Which of the following is not a factor of production?

economic condition when supply exceeds demand

Process by which each worker does a part of the whole job