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Economic Decisions & Systems,Ch 1 Flashcards | StudBud
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Economic Decisions & Systems,Ch 1
Economic Decisions & Systems,Ch 1
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StudBud Administration
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Markets, Supply and Demand
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
The point at which supply and demand are equal is
Supply Curve
Market price
Economic Resources
Demand curve
2
Economic resources are sometimes referred to as ...
goods and services
capitalism
factors of production
traditional economy
3
A country focuses on advanced technology & a skilled labor force, it answers which basic econ?
What to produce?
Which wants to satisfy?
What needs to be satisfied?
How to produce?
4
Consumers are which of the following..
an individual
a business
all of the above are consumers
the government
5
Consumers base their decisions on their own self-interest
command economy
freedom of choice
market economy
traditional economy
6
All of the following is a capital resource EXCEPT..
pickup truck
land
factory
employees
7
What is the process of choosing which wants, among several options, will be satisfied??
Trade-off
Economic Decision Making
Opportunity Cost
Decision Making Process
8
Purchase a DVD of your favorite movie instead of a pair of jeans, value of the jeans is the ..
opportunity cost
market price
profit
trade off price
9
In which of the following situations is demand MOST likely to be reduced?
prices for a popular product go down
Customers find a good substitute for a product
Customers see many products to satisfy a need
all of the above reduce demand
10
If freezing weather damages orange crops in Florida...
the supply of oranges will remain unchanged
the demand for oranges will decrease
the price of oranges will increase
the price of orange juice will decrease
11
Personal economic freedom is most limited in a ...
mixed economy
market economy
command economy
traditional economy
12
If heavy competition keeps product price low, businesses are motivated to sell the product..
False
True
13
The basic economic problem is:
having unlimited needs & wants, limited economic resources
determining how to satisfy needs and wants
identifying the goods and services available to you
deciding what goods and services to produce
14
People producing goods and services...
producers
natural resources
human resources
scarcity
15
The United States conducts trade with ______ countries
over 100
over 180
over 300
16
The means through which goods and services are produced are called...
spending opportunities
economic choices
economic resources
needs
17
About how many people are employed in the U.S.
30 million
75 million
240 million
155 million
18
The quantity of a good or service that consumers are willing and able to buy is called...
an economic want
capital
demand
supply
19
In a market economy, buying decisions are made by consumers..
True
False
