Economic Final Exam Review

Question 1

peoples efforts, abilities, and skills that aid in production is called...

Accepted Answer

labor

Question 2

an innovator or creator of the change in our economic environment is called a/an...

Accepted Answer

entrepreneur

Question 3

What are the 1st 3 factors of production?

Accepted Answer

Land, Labor and Capital

Question 4

what two thing combine economically to create value?

Accepted Answer

scarcity and utility

Question 5

Equal pay for equal types of work is called...?

Accepted Answer

Economic Equity

Question 6

A limited amount of resources to fill an unlimited amount of wants and needs is called....

Accepted Answer

scarcity

Question 7

Who owns the factors of production in a free market economy?

Accepted Answer

Individuals

Question 8

What kind of good is intended for final use by individuals?

Accepted Answer

Consumer Good

Question 9

According to the law of demand, as the price of hockey sticks decreases…

Accepted Answer

The quantity of hockey sticks demanded will increase

Question 10

any tool, equipment, or machinery made by man and used to aid production is called....

Accepted Answer

capital

Question 11

If prices of goods go up too rapidly, an economy is said to have high ____?

Accepted Answer

Inflation

Question 12

If nothing else changes, a lower price will cause a __________

Accepted Answer

Higher Quantity Demanded

Question 13

Who dictates demand in a free market?

Accepted Answer

Consumer

Question 14

The problem consumers have is that they have _______________ wants.

Accepted Answer

unlimited

Question 15

something that can be expressed with a price is said to have what?

Accepted Answer

value

Question 16

What is another term for Free Enterprise economy?

Accepted Answer

Capitalist

Question 17

If Demand stays the same and the supply of hot dogs decreased, what will happen to the price?

Accepted Answer

It will increase

Question 18

Which of these is considered to be a version of Economic Security?

Accepted Answer

All answers are correct

Question 19

The flow of goods and services from business to households primarily takes place in the???

Accepted Answer

Product Market

Question 20

If Sam stops drinking soda after 2 cans, what term does this best represent?

Accepted Answer

Diminishing Marginal Utility

Question 21

The study of how people satisfy their needs and wants is called what?

Accepted Answer

Economics

Question 22

when we have unlimited wants and limited resources, it forces us to do what?

Accepted Answer

make choices

Question 23

A diagram representing the various combinations of goods and services of an economy is called??

Accepted Answer

Productions Possibilities Frontier

Question 24

At what prices would you have a shortage?

Accepted Answer

Below Equilibrium

Question 25

The place where supply meets demand is called ______________

Accepted Answer

Equilibrium

Question 26

what kind of market is the kind where you could expect to find clothes, jewelry, food etc...?

Accepted Answer

Product market

Question 27

A good that is used in place of another good is?

Accepted Answer

Substitute Good

Question 28

A _______ is a set of rules that govern what, how, and for whom goods & services are produced.

Accepted Answer

Economic System

Question 29

at what prices do you usually have a surplus?

Accepted Answer

Above Equilibrium

Question 30

Which of the following will shift the demand curve for potato chips to the left?

Accepted Answer

An increase in the price of coca cola and hot dogs

Question 31

the dollar value of all goods and services produced within a country's borders per year

Accepted Answer

Gross Domestic Product

Question 32

What kind of good is used to create other goods?

Accepted Answer

capital good

Question 33

When demand is greater than supply, you get a _____________

Accepted Answer

Shortage

Question 34

The law of supply says producers will offer ________ of their product as price goes up

Accepted Answer

More

Question 35

According to Free Market or Capitalist theory, ___ is necessary to get lowest consumer prices

Accepted Answer

Competition

Question 36

The law of demand says that people will want to buy ________ of something as the price goes up

Accepted Answer

Less

Question 37

If nothing else changes, a higher price will cause a __________

Accepted Answer

Lower Quantity Demanded

Question 38

Who owns the factors of production in a Command Economy?

Accepted Answer

The Government

Question 39

The capacity of a certain good to bring satisfaction to a consumer is called...??

Accepted Answer

Utility

Question 40

What is quantity demanded dictated by

Accepted Answer

price

Question 41

In a free enterprise society, people enter into the market in hopes of making.....

Accepted Answer

Profit

Question 42

If the price of Peanut Butter goes down, what will happen to the demand for Jelly?

Accepted Answer

It will increase

Question 43

an economic product in the form of work performed for someone else is called...

Accepted Answer

a service

Question 44

If demand for a product is inelastic this means that

Accepted Answer

Price change doesn't always increase or decrease revenue

Question 45

Who dictates supply in a free market economy?

Accepted Answer

Producer

Question 46

What kind of market is where people sell their skills for money?

Accepted Answer

Factor Market

Question 47

When we make a decision, the #1 thing we give up in order to do that is called....

Accepted Answer

opportunity cost

Question 48

what is the central feature of the circular flow of economic activity?

Accepted Answer

the market

Question 49

resources not created by humans that aid in production are called...

Accepted Answer

land

Question 50

A technological advancement in production does what?

Accepted Answer

Increases Supply

Question 51

The fundamental economic problem facing all societies is

Accepted Answer

scarcity

Question 52

The three basic choices that economies have to answer when they decide to produce are...

Accepted Answer

What, How and for Whom to produce

Question 53

something that is economically useful and satisfies a want is called...

Accepted Answer

a good

Question 54

What is the term used for the idea that prices find a "happy place" through competition?

Accepted Answer

Invisible Hand

Question 55

Which sentence describes market conditions at equilibrium/market clearing price

Accepted Answer

Quantity Demanded and Quantity Supplied are Equal

Question 56

Food, water, and shelter would be considered ...

Accepted Answer

needs

Question 57

when land, labor, and capital are present, then _________________ can take place

Accepted Answer

production

Question 58

An increase in the number of consumers in the market place does what?

Accepted Answer

Increases Demand

Question 59

Once a person is able to meet their basic needs, they quickly are able to think of what?

Accepted Answer

wants

Question 60

When supply is greater than demand, you get a __________

Accepted Answer

Surplus

Economic Final Exam Review

Questions 60

Economic Final Exam Review

Questions 60