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Free Enterprise System
Free Enterprise System
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1
Freedom of Ownership is defined as:
Money earned from conducting business
The ability to choose a house, car, job or business
A rivalry between two or more
The potential for loss or failure
2
Surplus definition
Producers are unwilling and able to supply a good for the right price
Higher prices provide an incentive to supply more to the market
Lower prices provide an incentive to supply more to the market
Producers are willing and able to supply a good for the right price
3
Law of Diminishing Utility
scarcity forces consumers to make choices
each TV you get is less useful to you
decreased utility means increased value
the more TV's you have, the more you want
4
True or False: Non Price competition is more common then Price Competition
True
False
5
Intellectual Property is protected by copyright and includes:
all of the above
web content
music
published work
6
I could be fined for making copies of copyrighted materials such as movies and video games.
True
False
7
When consumer confidence decreases demand for many goods and services (g+s) will...
increase as consumers are more pessimistic about their economic futures.
decrease as consumers are more pessimistic about their economic futures.
shift to the right as consumers are less willing and able to purchase g+s
shift to the right as consumers are more willing and able to purchase g+s
8
The following is a determinant of Demand
# of Suppliers
Subsidies
Taxes
Income
9
What is a stockholder?
Works on the Board of Directors
Owns one or more shares of a corporation
<div>Decides what price to set dividends at</div>
Works in management at a corporation
10
Types of intellectual property
False
True
11
Law of supply states as the _______ increases the quantity supplied increases.
Demand
Price
Supply
number of buyers
12
What is a monopoly?
A single company with all the control.
A really fun board game.
A group of companies with no control.
A single company with no control.
13
The law of demand states
As prices increase, demand falls
As prices increase, demand increases
As prices increase, supply increases
As prices increase, supply falls
14
Which option below best represents a supply and demand equilibrium?
High demand and low supply
Low demand and high supply
High demand, low supply, high prices
Enough supply to match the demand
15
Creative work that’s not copyrighted and free to use without permission
Copyright
Creative Commons
Fair Use
Public Domain
16
This organization is a U.S.-based government agency that regulates intellectual property inventions.
United States Parent Teacher Organization
United States Patent and Trademark Office
Unicorns Support People Transporting Objects
Unidentified Special Planetarium Terrestrial Objects
17
In supply and demand,
supply
means
something you give people before they ask for it.
the same as demand.
the amount of money people want to spend.
the amount of something that people want to sell.
18
Price elasticity of demand measures...
buyers ability to switch
availability of substitutes
how sensitive consumers are to a change in price
buyers knowledge of the product
19
Freedom of ownership does not exist in this type of economy
Capitalism
Communism
Socialism
Trading and bartering system
20
Law of Demand, As Price raises, Quantity Demanded__________________.
Decreases
Increases
Cannot deturmine with given information
Stays the same
21
What is Business Risk?
Only going by the rules
Possibility of loss or gain
Losing everything
when you risk the business
22
All of the following are examples of a price ceiling EXCEPT
cap on gas prices
a govt set price for farm goods
tuition at a state college
rent control
23
Determinants of demand elasticity
change in supply
can purchase delay, good subs, does it require large portions of income
change in demand
supply change
24
Determinants of supply
level of technology
number of suppliers
number of buyers
cost of factors of production
25
An individual who undertakes the risk of creating and owning a business
manager
administrator
entrepreneur
contractor
26
Complimentary Goods
When the demand for two products are linked
A good way to brighten Ms. France's day
When a product makes you feel good about yourself
When two products are interchangeable
27
Intellectual property rights are included in the principle of freedom of ownership.
True
False
28
What is a trade secret?
A trade agreement between two countries that is not made public
A non-public agreement to exchange ball players
Making investment decisions based on insider information
Information protected by a company and used to create a business advantage
29
Market Equilibrium is when the demand curve?
Is at its lowest value
When there is a steady supply
Meets the Supply Curve
Is at its highest value
30
When demand increases, the demand curve shifts
False
True
31
What is free enterprise?
freedom of private business to organize and operate for pro
free money
Government by the people
32
According to the law of _____, quantity demanded and price move in different directions.
demand
utility
marketability
supply
33
a period when employment, consumer confidence and demand begin to decrease
recession
reform
boom
national debt
34
The following is not a determinant of Demand
Price of Substitutes
Taste
Technology
# of Consumers
35
Why are monopolies bad?
They prevent people from getting jobs
They limit competition
It forced Native Americans to move on to reservations
They cause the urban population to decline
36
Intellectual Property protects what?
A designers thoughts or ideas
A designers one off piece that he makes
A designers property
A designers sketches only
37
Freedom of choice
Socialism
Mixed
Both
38
Trademarks generally pertain to....
logos
products
slogans
all of the above
39
price competition
consumer willingness to buy a product
competition based on factors that are not related to price
the sale price of a product
extremely high prices
40
What is price elasticity?
% change divided by % change in price
Stretchy price
Elastic supply
Inelastic demand
41
Practice
laissez-faire
economics, driven by competition
Mixed Economy
Command Economy
Market Economy
Traditional Economy
42
In supply and demand, equilibrium is when supply and demand are equal.
False
True
43
Why is competition important for economics?
It drives the price up and quality up
It drives the price down and quality up
It drives the price down and the quality down
It drives the price up and quality down
44
Freedom of economic choice
Economic Freedom
Economic Security
Economic Efficiency
Economic Equity
45
Supply and Demand
Move In the same direction, supply goes up demand goes up
Move In opposite directions, supply goes up demand goes down
None of these
Do not affect each other
46
What is a monopoly?
When all businesses sell the same thing
When businesses try to make their product unique
When one business controls the market
When a few large businesses dominate the market
47
Freedom of economic choice is one chief advantage of a
centrally-planned economy
traditional economy
market economy
command economy
48
Intellectual propertyis
Sentient beings trying to communicate with other beings
Art
The product of acreative endeavour
Owned by thecommunity in which it was created
49
Inelastic demand is:
fluctuating.
variable.
limited to luxury goods.
unaffected by price changes.
50
Why is competition important for economics?
It drives the price down and the quality down
It drives the price up and quality down
It drives the price up and quality up
It drives the price down and quality up
51
The law of supply states
As prices increase, supply increases
As prices increase, demand increases
As prices increase, demand falls
As prices increase, supply falls
52
All of the following are protected by trademarks EXCEPT:
Number and letter combinations such as AT&T and 3M
Logos such as the Nike swoosh
A video of a play created and performed at school
Unique shaped products such as a curved coca cola bottle
53
Determinants of supply
number of suppliers
number of buyers
level of technology
cost of factors of production
54
When supply decreases the supply curve shifts
False
True
55
Marginal utility
is the same a quantity demanded
is the extra usefulness from 1 additional unit of a good
is always increasing
are things like gas, electric, and water
56
Some examples of the non-price determinants of supply include:
All of the above
Number of Sellers
Taxes and Subsidies
Technology
Increased cost of production
57
Examples of a price floor can be
You agreeing with parents that you get AT LEAST $20 dollars for Christmas
Gas no lower than $1 to protect producers
Price of corn no higher than $3 per ear
Minimum wage
58
Why is freedom of ownership important?
allows for greater monetary intake
allows for struggle among companies
allows for better prices
allows for varied production of goods and services
59
Which of the following is NOT a risk of starting up a new business
Lack of security
Make all decisions
Business failure
Financial loss
60
shortage definition
Quantity demand is GREATER than quantity supplied then there is a SHORTAGE
Quantity demand is LESS than quantity supplied/ then there is a shortage
61
Two products that might be price inelastic are
Chewing gum
Petrol
Carbonated drinks
Cigarettes
62
What is Intellectual Property?
Roger Batchelors book collection
Land for libraries
The recorded expression of thoughts and ideas
University buildings
63
Which ONE of the following is NOT a stakeholder of a local sandwich shop?
People who pass by the sandwich shop
Customers of the sandwich shop
Staff who work at the sandwich shop
Owner of the sandwich shop
64
Trade secrets
are data that gives a business a competitive advantage
none of the above
are the same as copyrighted data
can be easily accessed by the general public
65
Price Elasticity of Demand can change over time because......
Price will decrease
More can be supplied
Price will increase
Over time substitutes are available
66
The law of diminishing marginal utility occurs when...
marginal utility stays the same
marginal utility decreases
marginal utility rises
marginal product decreass
When Ms. France gives us a Kahoot that is too long with too many questions!
67
intellectual property
The indivisible right each person has to their own brain
Property that is created using original thought. i.e. patents
That thing people are mad at Bill Gates for
A zoning type for buildings like think tanks and laboratories
68
The law of demand is...
as P increases QD increases
as P decreases QD increases
as P increases QD decreases
as P decreases QD decreases
69
Which is an example of non-price competition?
superior customer service
20% discount on all items
buy one get one free
$10 off the purchase of a specific good
70
If price is below equilibrium, what will occur; what if price is above? (Perfect competition)
Absolutely nothing
Surplus; shortage
Shortage; surplus
Nash Equilibrium; monopolistic competition
71
The law of diminishing marginal utility occurs when...
marginal utility decreases
marginal product decreass
marginal utility stays the same
marginal utility rises
72
competition in economics creates:
better products for the consumer
better prices for consumers
more choices for the consumer
all of these
73
Patents are a form of intellectual property.
True
False
74
Trade Secrets ...
protect songs and music pieces.
protect business formulae that have a specific high economic value.
are protected for a limited period of time.
protect inventions.
75
Price floors and price ceilings are both examples of
remodeling projects
artificial prices
deregulation
I have no clue
76
Freedom of ownership.
Socialist
Democratic
77
Price ceiling and floor are examples of___________
Intervention of the price system
Inflation
Scarcity
National debt
78
Patents permit inventors to exclude others from _______ for a period of time.
buying the inventions
selling the inventions
making the inventions
using the inventions
79
What is a REBATE?
DISCOUNT
EXCHANGE
CREDIT
REFUND
80
Why is copyright important?
Ms. France doesn't like you to do this!
It protects the rights of things we create.
It makes you type faster.
It helps you get better grades.
81
What do trademarks protect?
Inventions
Brand names and logos
Original artistic works
Businesses' identities and reputations
82
Price Competition and Non-Price Competition are?
two types of Competition in a Competitive Market
ways to compete in a Command economy market structure
Ways to compete in a Financial sports event
Factors of a mixed market
83
A price ceiling is
Private Price+ External Price
A legally imposed maximum price
A legally imposed minimum price
84
Why do designers use patents to protect their designs?
So the design can be marketed and sold by others.
To ensure their design can be marketed overseas.
To ensure protection of future designs
To preserve ownership of intellectual property
85
This economic systems includes free enterprise with some government control.
Mixed
Command
Market
Traditional
