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