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Intro to Bus/Mar Ch.1 Flashcards | StudBud
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Intro to Bus/Mar Ch.1
What is the "Basic Economic Problem?
What is a mixed economy?
Intro to Bus/Mar Ch.1
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Chapter 1 Test Review
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Answers
1
What is a mixed economy?
Combines elements of the command and market economy
Goods/services produced are done the way it always has been
Resources owned & controlled by the government
Resources owned and controlled by the people
2
What is the "Basic Economic Problem?
Too many resources and not enough wants and needs
Not enough money
Not enough jobs to give everyone a job
Mismatch of unlimited wants & needs but not enough resources
3
What is a market economy?
Owned and controlled by the people
Owned and controlled by companies
Owned and controlled by the government
Owned and controlled by the bank
4
What is the 1st step of the decision making process?
Define the problem
Act on your choice
Indentify the choice
Review your decision
5
What are the 3 types of economic resources?
Natural
Capital
Economical
Human
6
How are people able to get their wants and needs?
Being handed them
Buying them
Making them
Magic
7
What is scarcity?
Having to give something up to satisfy a need
not having enough resources to satisfy a want
Being afraid to buy a good or service
Not having enough resources to satisfy a need
8
What is economic decision-making?
Choosing where to sell
Deciding what to produce
Choosing which wants will be satisfied
Deciding how to produce
9
Which of the following is a need?
Shoes
Dog
Water
Car
10
Who must answer the 3 economic questions?
Business Owners
Consumer
The President
Producers
11
What factors influence demand?
Income
Number of sellers
Number of buyers
Changes in productivity
12
If you stay up late studying your opportunity cost is....
$10
Spending time with friends
Good grades
Good night's sleep
13
Is private property one of the principles the U.S. economic system is based on?
Yes
Sometimes
No
I don't know
14
What is opportunity cost?
Not being able to buy a want
Cost of a good or service
Value of the next best alternative that you didn't choose
When you give up something to have something else
15
What is the 2nd step of the desicion making process?
Choose one
Define the problem
Act on your choice
Identify the choice
16
What is capitalism?
Spreading wealth among the people of the nation
Ownership of resources by government
Ownership of resources by individuals
Have pride in you state capitol
17
What factor(s) influence supply?
Number of buyers
Costs of inputs
Change in the number of sellers in an area
Changes in productivity
18
What is a Command Economy?
Controlled by the people
Controlled by the bank
Controlled by the government
Controlled by companies
19
Does income influence demand?
No
I don't know
Sometimes
Yes
20
Is cost of inputs an influence on demand?
I don't know
Sometimes
Yes
No
21
Who establishes demand?
Consumers
Stockholders
Producers
Business Owners
22
Which of the following is a want?
Water
Shoes
Food
Shelter
23
Is freedom of choice one of the basic principles of the U.S. economic system?
I don't know
Sometimes
No
Yes
24
What is the last step of the decision making process?
Review your decision
Choose one
Identify the choice
Act on your choice
25
Who are the consumers in an economic system?
Person who buys and uses good and services
Person who creates and makes goods and services
Person who sells goods and services
Person who builds roads
26
What is a tradeoff?
A basketball term
Buying a good or service
Running out of resources to satisfy a need
Giving up something to have something else
27
Are resources limited?
Sometimes
Yes
I don't know
No
28
Is profit a basic principle of the U.S. economic system?
No
Sometimes
Yes
I don't know
29
How is the market price established?
Magic
It just happens
Guessing
Supply and demand
30
Who establishes supply?
Buyers
Producers
Consumers
Sellers
31
What are the 3 economic questions?
Who will buy the goods and services?
What goods and services will be produced?
How will the goods and services be produced?
What needs & wants will be satisfied with goods & services?
32
What is demand?
Price or availability
Someone wanting something really bad
Quantity of a good consumers are able and willing to buy
Recorded TV
33
What is supply?
Quantity of goods and services available
Cost of inputs
Number of buyers
How much a good or service cost
