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Chapter 1: Economic Decisions and Systems Flashcards | StudBud
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Chapter 1: Economic Decisions and Systems
Chapter 1: Economic Decisions and Systems
19 terms
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StudBud Administration
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Economics test review #economicsystems
Flashcards
19 cards
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Questions
19
Answers
1
Quantity of a good or services that consumers are willing and able to buy
market price
demand
supply
2
What is the struggle among various producers for the consumer's business called?
competition
socialism
self-regulation
incentive
3
The method used by a society to decide what to produce and how to produce it
economic system
production
the way
sequencing
4
Activities provided for the satisfaction of others that are consumed when they are produced
services
needs
wants
goods
5
Which of the following is
NOT
a key economic question?
What needs and wants to satisfy
How will the goods and services be produced
How much to make
What good and services to produce
6
Economy that combines elements of the command and market economies
capitalism
mixed
tradiional
7
An economic system that permits the conduct of business with minimal government intervention
Command Economy
Market Economy
Traditional Economy
Mixed Economy
8
All of the following are needs except
loaded SUV
food
clothing
shelter
9
The point where supply and demand are equal
value price
equalibrium
market price
10
An economic system that relies on habit, customs, or ritual to decide economic issues
traditional
tribal
socialistic
market economy
11
U.S. econ system is based on 4 important principles: freedom of choice, profit, competition &
entrepreneurship
ownership rights
judicial system
the right of private property
12
Quantity of a good or service that businesses are willing and able to provide
demand
supply
market price
13
This refers to the private ownership of economic resources by individuals
traditionalism
socialism
capitalism
14
Not having enough resources to satisfy every need
shortage
poverty level
scarcity
realism
15
Person who buys and uses goods and services
customers
suppliers
consumers
16
Things that add comfort to our lives
services
wants
needs
goods
17
Cashiers, teachers, waitress, engineers, doctors, and psychologists are example of
capital resources
human resources
natural resources
18
Competition does all of the following except
provide consumers with fewer options
encourage businesses to improve products
act as a regulating force in the market
keep prices low
19
Things you can see and touch
services
goods
needs
wants
