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Economics Flashcards | StudBud
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Economics
Economics
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Answers
1
What do people choose under the Free Market system?
choose products they will or will not buy as shoppers
color of the product
Decide how much a company will charge for its products.
2
Which is not one of the three decisions economic systems must make?
What and how many goods can be produced?
Who gets the goods and services?
How goods should be produced?
How much goods should cost?
3
Economic System in which individuals and private groups make decisions about what to produce.
Free Market
Traditional
Command
4
An example of a pure market economy is
Saudi Arabia
United States
Does not exist
Mexico
5
The US is a _______ economy.
free market
command
mixed
traditional
6
Which is not one of the economic types?
Traditional
Command
Domestic
Free Market
7
Where supply and demand curves meet is known as:
coincide
connection
equal
equilibrium
8
When supply is high and demand drops the price of an item will decrease.
True
False
9
System in which the government supports free enterprise through decisions that affect the market.
Mixed
Traditional
Free Market
Command
10
Economic system in which the government makes all decisions.
Command
Mixed
Traditional
Free Market
11
What is Demand?
Amount of a product that someone is willing and able to pay
The amount of resources supplied
A problem of society
An order
12
What is the government's role under a mixed economy?
supports and regulates free enterprise through decisions.
Support Market Price
Decide Quantity of goods produced
13
Which county has a mixed economy?
Canada
Cuba
United States
All of the above
14
Scarcity is...
selecting and item or action from a set of possibilities.
using goods and services
the inability to satisfy all wants at the same time
a capital resource
15
The mental and physical efforts that people contribute to the production of goods and services...
Human Resources
Natural Resources
Captial Resources
16
During Thanksgiving the price of turkey increases. What is the supply and demand?
Low Demand & High Supply
High Demand & Low Supply
17
What is supply?
work that people do for other people
something that people make or grow
how much of a good or service people want to buy
how much of a good or service is available to buy
18
Economic System in which habit and custom determine the rules for all economic activity.
Free Market
Traditional
Command
19
What can Natural Resources also be referred to?
Raw Materials
All of the above
Materials Produced in a factory
Extractors
20
What's an opportunity cost?
When you have to buy one thing
When you have a choice to do or buy one thing or another
Paying someone
PAY DAY!
21
What are the variable(s) in Law of Supply and Demand?
Quantity and Price
Quantity
Price
No variables
22
What is economics?
things we use to satisfy our wants and needs
Money, goods, services, supply, and demand
The way a country manages its money and scarce resources.
People depend on each other
23
What is determined by the interaction of supply and demand?
Quality
Price
24
What are NATURAL RESOURCES?
Water and air
Plants and animals
Minerals and petroleum
Any natural material that is used by humans
25
What are market economies based upon?
Price
Constant Factors
Product availability
Free Enterprise
26
What won't businesses do under a command economy?
Make their own decisions
Set their own price
Determine who will buy goods
determine how much they will produce
27
What is command economy?
Individuals are in charge
Government is in charge
Both Government and individuals are in charge
No one is in charge
28
What are capital resources?
the tools and buildings you use
the things from nature you use
the workers
