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U.S. Economy Flashcards | StudBud
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U.S. Economy
U.S. Economy
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Flashcards
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Questions
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Answers
1
What happens to the price of a product with high SUPPLY
The price remains the same
The price goes up
The price goes down
2
What happens to the price of a product with high DEMAND?
The price goes up
The price stays the same
The price goes down
3
What happens to the price of a product everyone wants?
The price stays the same
The price goes down
The price goes up
4
What happens when an important resource is scarce?
Businesses will be unable to produce products
Workers are paid more
The government will require more goods to be produced
5
What happens to the price of cattle if people stop eating beef?
The government will regulate prices
The price goes down
The price remains the same
The price goes up
6
How are goods and serices regulated in a free market?
Government passes laws
Consumers through supply and demand
7
What do owners need to spend money on FIRST when starting a new business?
Supplies for business
Employee wages
Advertising and Marketing
8
What is scarcity?
When wanted goods are not available
When customers are not available
9
What controls the economy in a free enterprise market?
Federal Government
State Government
Consumers and businesses
10
How are a company's profits affected when the cost of supplies goes up?
Profits fall
Profits increase
Profits stay the same
11
What happens to the price of a soccer goal that only a few people want to buy?
The price goes up
The price stays the same
The price goes down
