Basic Economic Principles, Competition, & Factors of Production Quiz

Which type of economy has resources handed out based on inheritance?

Netflix and Hulu are in _________________ to sell more streaming service plans.

A farmer has been raising chickens & pigs on her farm. She decides to stop raising chickens & focus on pigs. This is a

Producers = Supply where as ____________ =demand

A primary characteristic that determines the type of economy a country has is the

What determines price?

Which type of economy's environment determines what choices the people make?

Scarcity means that

What is not a result of competition?

Lori paid the ___________________ of $179.99 for her new Nike shoes

Which is a good example of an entrepreneur?

For Cindy's cupcake business the baking equipment, employees, flour, and chocolate are known as

Which type of economy has a lack of consumer choice and central ownership of resources?

Gia makes $60 a week & loves to read. The bookstore raised the $ on books. Gia probs bought

Kelly decided to go ice skating with her friends instead of having dinner with her grandparents.

Choose the best answer that completes the web: Types of Resources

In this type of economy the government does not intervene much.

What is consumer sovereignty?

When faced with scarcity, consumers need to

Most countries in the world have which type of economy?

What is used to produce goods and services?

All of the following are examples of consumption except

Marisol bought the black shirt over the red shirt. What is her opportunity cost?

In this economy the government serves to protect both producers and consumers from unfair policies and practices

In this type of economy the government decides the role everyone will play

The combining of human, natural, capital, & entrepreneurship resources to make good/services is

Which of the following is an economic incentive?