What 3 factors play a role in setting prices for products?

raw materials, supply & demand, competition

What is one pro of a market economy?

There's a lot of incentive for creativity & entrepreneurship

A student decides to attend college full-time i/o working. What's the opportunity cost here?

The potential income lost from not joining the workforce.

What does the term "opportunity cost" mean?

The benefit you could have received by taking another action

What is one con of a command economy?

Small job market bc only few industries r focused on by govt

Government helps to maintain a free enterprise system by setting up laws to control…

Monopolies and promote competition

How does competition benefit consumers?

They're offered a wide variety of products at various prices

What are the two types of economic systems?

Command Economy & Market Economy

What is time utility?

Products are available when consumers want them.

What are the 4 types of Economic Resources?

Environmental, Capital, Human and Entrepreneurship

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Economics Unit_Marketing Test

21 termsStudBud Administration58 plays

economic resources, economic systems

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Questions 21

Answers

1
In today's world, most nations are considered to be ______________ Economy
Mixed
Free
Command
Market
2
What does this image represent?
Command Economy
Seller's Market
Buyer's Market
Joint Venture
3
What 3 factors play a role in setting prices for products?
raw materials, supply & demand, competition
None of the above
the government, raw materials and competition
consumers only
4
What is one pro of a market economy?
Basic needs are met of all individuals
Consumers may waste money on wants instead of needs
There's a lot of incentive for creativity & entrepreneurship
Businesses are motivated by self interest
5
Based on Supply & Demand if a new product is in high demand then a retailer may charge a _____?
Sale price
Average price
High price
Low price
6
Which economic system represents a Communist nation, heavily controlled by the government?
Mixed Economy
Market Economy
Command Economy
Seller's Market
7
A student decides to attend college full-time i/o working. What's the opportunity cost here?
None of the above
Their student loan debt
The potential income lost from not joining the workforce.
Their degree that they will receive upon graduation
8
What does the term "opportunity cost" mean?
The benefit you could have received by taking another action
The cost of goods prior to being marked up
Both A & B
The negative result you encounter by taking another action.
9
What is one con of a command economy?
There is an equal distribution of wealth
Capable of creating a healthy supply of resources
Basic needs are met of all individuals
Small job market bc only few industries r focused on by govt
10
Government helps to maintain a free enterprise system by setting up laws to control…
Working conditions
Monopolies and promote competition
Relationships between competitors
Quantities and stock levels of merchandise
11
In regards to economics, human resources is also known as...
Land
Money
Business Organization
Labor
12
Which economic system allows private businesses to obtain & allocate resources as they wish?
Command Economy
Seller's Market
Market Economy
Buyer's Market
13
Economics is the process of making decisions to satisfy unlimited human needs & wants w/ ____.
Unlimited Resources
Limited Resources
Capital Resources
Environmental Resources
14
There are few suppliers w/ many consumers looking to buy. What is this called?
Seller's Market
Buyer's Market
Entrepreneurship
Sole Proprietorship
15
The government needs to be involved within the economy to regulate & protect...
All of the above
Worker's Rights
Consumer Goods & Services
Medicine & Food
16
How does competition benefit consumers?
They're offered different prices only to choose from
They're offered a wide variety of products at various prices
They're offered 1 or 2 choices to pick from
They're offered different brands only to choose from
17
What are the two types of economic systems?
Command Economy & Buyer's Market
Command Economy & Market Economy
Market Economy & Seller's Market
Buyer's Market & Seller's Market
18
What does this image represent?
Opportunity Cost
Time Utility
Buyer's Market
Seller's Market
19
What is time utility?
Products are available from various competitors
Products are avail at prices consumers are willing to pay
Products are available when consumers want them.
Products are NOT available when consumers want them.
20
What are the 4 types of Economic Resources?
Environmental, Capital, Human and Entrepreneurship
Human, Competition, Capital and Money
Environmental, Natural, Human, and Labor
Human, Competition, Entrepreneurship, and Environmental
21
As a result of _____, consumers often are offered improved product quality and product options.
Competition
Raw Materials
Refunds
Prices

Economics Unit_Marketing Test Flashcards | StudBud