Intro to Economics

Question 1

A person on the show Sharktank has an idea to start a business. Which type of resource is it?

Accepted Answer

Entrepreneurship

Question 2

Businesses produce what consumers want. This is...

Accepted Answer

Consumer Sovereignty

Question 3

What is it called when businesses do things to increase sales?

Accepted Answer

Incentives

Question 4

Which is not a type of resource?

Accepted Answer

scarcity

Question 5

Which is not one of the three questions all economies must answer?

Accepted Answer

When will it be produced?

Question 6

Which economic system includes: private ownership, profit, competition, individual choice?

Accepted Answer

Free

Question 7

You are having a bake sale, but no one is at school because they have the stomach flu.

Accepted Answer

Supply is up/ demand is down

Question 8

A free market has __________ government control than a Command.

Accepted Answer

less

Question 9

Supply and demand set the...

Accepted Answer

price

Question 10

Why do you want to have competition in the market place?

Accepted Answer

Lower price/better product

Question 11

Earnings-??=Profit

Accepted Answer

expenses

Question 12

What is not true about resources?

Accepted Answer

resources are unlimited

Question 13

Which economy just does things the way they always have?

Accepted Answer

Traditional

Question 14

Movies or video games. You choose movies. What is your opportunity cost?

Accepted Answer

the video game

Question 15

Government control. People do not get to choose. Which economic system do they likely have?

Accepted Answer

Command

Question 16

Bartering is associated with which economy?

Accepted Answer

Traditional

Question 17

Because we can't have everything, we need to pick one. This is called....

Accepted Answer

choice

Question 18

Which economy is the most common in the world?

Accepted Answer

Mixed

Question 19

While the US is primarily a free market economy, what makes it mixed?

Accepted Answer

government control

Question 20

The US economy is mixed. Which two does it mix?

Accepted Answer

Free and Command

Question 21

Which describes a mixed economy?

Accepted Answer

Government and individuals own resources and make decisions

Questions 21