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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Prep for Animal Farm
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
In a free market economy, __________ decides how much money people are paid for their jobs.
The government
Their parents
Supply and demand
Aliens
2
Market economies support the ideals of...
Communism
Collectivism
Sexism
Individualism
3
As price increases, supply of a product tends to...
Implode
Increase
Decrease
Stay the same
4
In command economies, who decides how to use a country's scarce resources?
The government
Foreigners
The market
Individuals
5
As the price increases, demand for that product tends to...
Decrease
Stay the same
Evaporate
Increase
6
Individualism values _________________ more than the collective good of the country.
Individual freedom
Water
People
The environment
7
Collectivism values the good of ______________ over the freedoms of the individuals.
Mr. Ryan
The individual
The country
The markets
8
The point on a supply and demand graph where supply meets demand is known as...
Point Squared
The money spot
Equilibrium
X
9
Buyers (consumers) and sellers (producers) for a product or service is known as...
Market
Game
Economy
Collection
10
Anything that is scarce and valuable can be considered a...
Waste
Cool
Resource
Gold
11
In a command market economy, people perform jobs and tasks because...
They love their work
They want to help people
They want to be rich
The government tells them to
12
In a free market economy, people perform jobs because...
They want money for themselves
They're forced to by the government
They are bored
They want to help people
13
If there is demand for a product that is illegal, a _____________ is often formed.
A black market
Hippie commune
A farmer's market
Carnival
14
In market economies, who decides how to use scarce resources?
People trying to make money
All of these
Individuals
The markets
15
Competition is good for the consumer (buyers) because...
All of these
It keeps prices low
It results in more choices for the buyers
It results in better products
