BE--"Economic Decisions and Systems" (Ch. 1)

Which of the following is NOT one of the three categories known as "factors of production"?

The economy of China is adopting elements of a ___ system for a number of economic decisions.

Consumers demand ____ of a product at a higher price.

What % of the US population produces the food consumed (US citizens involved with agriculture)?

No country has unlimited resources.

Economy in which resources are owned & controlled by the government.

Supply, demand, and competition determine the market price for a product or service.

Competition encourages businesses to keep prices and quality of their product low.

Quantity of a good or service that consumers are willing and able to buy.

Things that are required in order to live.

Things available to be used to produce goods and services.

A consumer in a mkt. economy has the freedom to choose what to purchase and what price to pay.

Economy in which goods and services are produced the way it has always been done.

Which of the following is NOT one of the basic economic questions answered by a country.

Private ownership of resources by individuals rather than by the government.

In most command economies the govt. determines the work people do & the education they obtain.

Things that you can see and touch.

Value of the next-best alternative that you were not able to choose.

Economy in which the resources are owned & controlled by the people of the country.

This is consumed at the same time the activity is provided.

Not having enough resources to satisfy every need.

Quantity of a good or service that businesses are willing and able to provide.

The method a country uses to answer the three economic questions.

Process of choosing which needs and wants will be satisfied.

In a command economy, consumers have many choices in the marketplace.

Giving up on something to have something else.

Point where supply and demand are equal.

A good substitute for a product will impact the _____ for a name-brand product.

Individuals that determine what product or service will be available for sale.

Competition encourages businesses to be creative and provide great customer service.

Economy that combines elements of the command & market economies.

Things that add comfort and pleasure to your life.

Which is NOT one of the four important principles the US economy is based on?

Person who buys and uses goods and services.

A natural disaster (drought in CA) will impact the ____ of a product.

Consumers in a free-enterprise economy "vote" with their dollars in the marketplace.

Lack of competition tends to drive the price of products ____.

How are producers rewarded in a market economy?

As prices go up, producers are willing to supply ___ of the product.

Unlimited wants & needs & limited economic resources is known as "the basic economic problem".