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Economic Decisions and Systems Flashcards | StudBud
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Economic Decisions and Systems
Economic Decisions and Systems
25 terms
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StudBud Administration
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Chapter 1
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
A market economy is when...
Resources are owned and controlled by the people
Government has control over resources and their uses
The economy takes bits and pieces of all economies
The economy is run the way it has always been run
2
What is the law of supply?
Price goes down that's being offered, supply goes up
Price goes up that is being offered, supply goes up
None of the above
3
The Decision-Making Process has how many steps?
4
5
6
7
4
What is an example of a service?
Building
Hair styling
Bike
Clothes
5
True or False: Freedom of choice includes being able to accept outcomes
True
False
6
Which of the following is an example of a human resource?
Money
Flour
Machine Operator
Tree
7
What is a capital resource?
Man power
Products and money used in the production of goods/ services
Raw materials/ not man-made
People who produce goods
8
True or False: Capitalism is when the public has control of resources
True
False
9
True or False: Market price can have shortages or surpluses
True
False
10
What is an example of a want?
Water
Food
Air Conditioning
Air
11
Which of the following is a good?
Check-out in store
Lawn mowing
Hair styling
Pencil
12
What is a factor influencing demand?
Freedom of choice
Price
Capitalism
Natural disasters
13
How many economic questions are there?
5
2
3
6
14
What is a command economy?
Government has control over resources and their uses
Resources owned and used by the people
Take bits and pieces of all economies
The economy is run the way it has always been run
15
What is the last step of the Decision-Making Process?
Evaluate the advantages/disadvantages of each choice
Review your decision
Act on your choice
Identify the choices
16
What are opportunity costs?
Risk taker
Products and money used in th production of good/ services
Value of next best alternative that you didn't choose
Unlimited wants with limited resources
17
What is scarcity?
Opportunity Costs
Tradeoffs
Compromises
Unlimited wants with limited resources
18
What is a factor influencing supply?
Availability
Market Price
Natural Disasters
Price
19
What is the first step of the Decision-making process?
Choose one
Identify the choices
Act on your choice
Define the Problem
20
What is an example of a need?
Cell Phone
Air Conditioning
Water
Car
21
What resource is this: Raw materials supplied by nature (not man made).
Capital
Human
Natural
Entrepreneur
22
True or False: We buy the supply
False
True
23
True or False: One can determine Market Price by seeing the intersection on a graph
True
False
24
True or False: The demand comes from the producers
False
True
25
True or False: The supply comes from the producer
True
False
