stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 4 Economic Foundations Flashcards | StudBud
Explore
/
Unit 4 Economic Foundations
Unit 4 Economic Foundations
27 terms
·
StudBud Administration
·
132 plays
This is the review for Unit 4 Economic Foundations. #economics #marketing
Flashcards
27 cards
F
Practice quiz
P
Host live
L
Questions
27
Answers
1
This is a period of prolonged and deep recession.
depression
recovery
recession
prosperity
2
When demand exceeds supply, this will occur:
Surplus
Industrialization
Globalization
Shortage
3
The combination of unlimited needs and wants with limited resources results in:
competition
economics
monopoly
scarcity
4
Anything in its natural state – oil, natural gas, coal, trees.
Capital Resources
Land or Natural Resources
Labor or Human Resources
Entrepreneurship
5
The low point of a recession just before recovery begins:
recession
valley
trough
peak
6
The amount of satisfaction, or value, a consumer receives from product or service.
marketing
utility
distribution
selling
7
The quantity of a product that
producers
are willing and able to produce at a given price:
Supply
scarcity
Demand
competition
8
This is a period of economic slowdown. Unemployment begins to rise.
depression
prosperity
recovery
recession
9
The way a nation makes economic choices:
marketing
distribution
selling
economy
10
This situation occurs when supply exceeds demand:
Globalization
Industrialization
Shortage
Surplus
11
An individual taking the risk of owning and operating the business.
Land or Natural Resources
Entrepreneurship
Labor or Human Resources
Capital Resources
12
Independent decisions by businesses and consumers with little or no government regulation.
private/freeenterprise economy
controlled/command economy
industrial enterprise system
mixed economy
13
The high point of an economic recovery:
depression
valley
peak
trough
14
This is a period of renewed economic growth following a recession or depression.
recession
recovery
prosperity
depression
15
This is a period of economic growth and expansion.
recession
depression
prosperity
recovery
16
This term refers to the constant changes and ups and downs in economic growth:
consumer cycles
economic cycles
business cycles
industrial cycles
17
Adam Smith's idea that if left alone, the free market helps supply & demand reach equilibrium.
Invisible Hand
Communism
Socialism
Economics
18
The Market Price is found at this point where supply and demand curves meet.
Price Point
Equilibrium Point
Economic Point
Selling Point
19
The employees of the business.
Land or Natural Resources
Labor or Human Resources
Entrepreneurship
Capital Resources
20
Created when
ownership
of a good or service is transferred from one person to another.
Place Utility
Form Utility
Time Utility
Possession Utility
21
This occurs when products are made available
when
they are wanted by consumers.
possession utility
form utility
time utility
place utility
22
A well-located drive-through window adds value to a bank's services by providing:
time utlility
form utlility
place utlitlity
possession utility
23
Money, tools, and equipment needed for production of products or services.
Labor or Human Resources
Entrepreneurship
Capital Resources
Land or Natural Resources
24
This type of demand occurs when the demand for a product is NOT affected by changes in price.
shortage
surplus
inelastic demand
elastic demand
25
The price is increased, less is demanded. When the price is decreased, more will be demanded.
Law of Pricing
Law of Demand
Law of Economics
Law of Supply
26
Created by changes in the form or shape of a product to make it useful.
Place Utility
Time Utility
Form Utility
Possession Utility
27
The quantity of a product
consumers
are willing and able to buy at a given price:
competition
Demand
scarcity
Supply
