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The Market Economy Flashcards | StudBud
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The Market Economy
The Market Economy
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Basics of Economics
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
Which of the following illustrates being part of the market?
A person buying spark plugs at an auto store.
Phone order for new tables and chairs.
All of the answers are correct.
Buying a new vehicle.
2
When demand is greater then the supply
Spurples
Prices will stay the same
Prices will go down
prices will go up
3
The study of the way goods and services are produced and consumed.
Philosophy
Geography
Economists
Economics
4
The amount of consumers that want a product or service?
capital
Supply
Demand
labor
5
Earning $100 for every A in school is an example of an...
Incentive
Labor
Consumption
Bribe
6
When there is a scarcity in necessary resources and demand is high
Prices will go down
Prices will go up
prices will remain the same
Scarcity
7
Which type of business is NOT considered a hobby if it doesn't make a profit?
Brick and mortar business
Nonprofit business
Online business
For profit business
8
Someone who makes goods or offers services to others
Business Owner
Producer
Consumer
Investor
9
Most businesses want to make a ______ to stay in business.
loss
economy
market
profit
10
When supply is greater than demand
Prices will go up
Scarcity
prices will remain the same
Prices will go down
11
Someone who acquires goods and services from others
Investor
Business Owner
Producer
Consumer
12
When Cameron trades Josiah his 'lucky' socks for Josiah's 'lucky' undershirt they both believe
Since they traded they are both getting a bad deal.
Since they traded they are both getting a good deal.
(Did I mention they didn't wash them?)
Since they traded they will win the next football game.
13
A business using traditional economic principles in a capitalistic country would have an advantage to make profit?
False
True
14
Which of the following would be a good?
A manicure
A visit to Mr. Gunn's office
A visit to the Dentist
A book
15
Which country has an economy where the market decides what to produce & consume with LIMITED government involvement ?
Russia
United States
North Korea
China
16
When there is a limited amount of resources
Surplus
Resources
When you have everything you need.
Scarcity
17
When there is a surplus in supply and demand is low
Prices will go down
Prices will go up
prices will remain the same
Scarcity
18
The benefit you give up by choosing to do one thing instead of another
Frustration
Choice
Scarcity
Opportunity Cost
19
Government decides what & how much will be produced and the price of goods and services
Command Economy
Consumer Economy
Mixed Economy
Market Economy
20
Which is more important for successful business results?
Purchased 1 million dollars in inventory last year
Provided 1 million dollars worth of services last year
Sold 1 million dollars worth of merchandise
Made 1 million dollars in profit last year
21
When there is a lot of buying and selling in an economy it is called?
Monopoly
a good / strong economy
stalled economy
a weak economy
22
What is the definition of scarcity?
Scarcity is the same as surplus
Scarcity equals wants greater than available resources
Scarcity is when you have everything you need.
Scarcity = Wants < Available Resources
23
What is the definition of Opportunity Cost?
The lowest valued alternat. given up after making a choice
The thing you choose
The price of doing business
The next thing you would have done (what you gave up) after making choice
24
When there is only one producer of a wanted item
the price will be high
prices will be low
demand will go down
Prices will go down
25
The amount of something that is available ?
Supply
Demand
Capital
Profit
26
Things that are produced or done for customers
Services
Goods and services
Profits
Goods
