BE - Unit 1: "Economics" Review

Which of the following is NOT a factor of production?

Dividing GDP by the total population results in...

A person who buys and uses goods or services is called a(n)

Which of the following is NOT a phase in the business cycle?

The value of what you give up for the next-best alternative is called:

The point at which quantity supplied and quantity demanded meet is called...

What type of market exists when the price of a product is low due to large supply & low demand?

In a private enterprise system (or free enterprise), questions are answered by

When consumers change their demand based on the price of a product, which exists?

Which of the following is NOT a weakness of the Private Enterprise System?

What is the first step in the Decision Making Process?

Determining output per worker is called

An increase in the general level of prices is called

Which of the following is NOT an economic freedom of private enterprise?

All decisions are made by the government.

Decreasing demand, rising unemployment, & GDP slowing describes which business cycle?

Demand for a good is more likely to be elastic when the good is

Which of the following is NOT a principle of capitalism?

The law of demand states that consumers will buy MORE when prices are.. 

When demand for a product is great, price will... 

A change in the price of a product will generally result in which of the following?

Economic systems must answer the following questions about goods & services, except:

Which law states that when Price increases, Demand will decrease.

The amount of goods and services that producers will provide at various prices...

Which economic system is the most common around the world?