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ITB - Ch 1 - Economic Decisions & Systems Flashcards | StudBud
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ITB - Ch 1 - Economic Decisions & Systems
ITB - Ch 1 - Economic Decisions & Systems
17 terms
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StudBud Administration
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63 plays
Markets, Supply and Demand
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
The United States conducts trade with ______ countries
over 100
over 300
over 180
2
Personal economic freedom is most limited in a ...
traditional economy
market economy
mixed economy
command economy
3
If heavy competition keeps product price low, businesses are motivated to sell the product..
True
False
4
People producing goods and services...
natural resources
producers
scarcity
human resources
5
In a market economy, buying decisions are made by consumers..
True
False
6
A country focuses on advanced technology & a skilled labor force, it answers which basic econ?
Which wants to satisfy?
What to produce?
How to produce?
What needs to be satisfied?
7
The quantity of a good or service that consumers are willing and able to buy is called...
demand
an economic want
supply
capital
8
The basic economic problem is:
having unlimited needs & wants, limited economic resources
deciding what goods and services to produce
determining how to satisfy needs and wants
identifying the goods and services available to you
9
The means through which goods and services are produced are called...
spending opportunities
needs
economic choices
economic resources
10
Consumers are which of the following..
all of the above are consumers
the government
a business
an individual
11
In which of the following situations is demand MOST likely to be reduced?
prices for a popular product go down
Customers find a good substitute for a product
Customers see many products to satisfy a need
all of the above reduce demand
12
If freezing weather damages orange crops in Florida...
the demand for oranges will decrease
the price of orange juice will decrease
the price of oranges will increase
the supply of oranges will remain unchanged
13
All of the following is a capital resource EXCEPT..
pickup truck
employees
factory
lumber
14
Consumers base their decisions on their own self-interest
freedom of choice
command economy
traditional economy
market economy
15
Purchase a DVD of your favorite movie instead of a pair of jeans, value of the jeans is the ..
market price
profit
opportunity cost
trade off price
16
About how many people are employed in the U.S.
240 million
30 million
155 million
75 million
17
Economic resources are sometimes referred to as ...
capitalism
traditional economy
goods and services
factors of production
