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Economics Flashcards | StudBud
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Economics
Economics
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1
What are the variable(s) in Law of Supply and Demand?
No variables
Quantity
Quantity and Price
Price
2
Which is not one of the economic types?
Traditional
Command
Free Market
Domestic
3
What do people choose under the Free Market system?
color of the product
Decide how much a company will charge for its products.
choose products they will or will not buy as shoppers
4
When supply is high and demand drops the price of an item will decrease.
True
False
5
System in which the government supports free enterprise through decisions that affect the market.
Command
Mixed
Free Market
Traditional
6
Which is not one of the three decisions economic systems must make?
Who gets the goods and services?
How much goods should cost?
What and how many goods can be produced?
How goods should be produced?
7
Economic System in which habit and custom determine the rules for all economic activity.
Free Market
Command
Traditional
8
What can Natural Resources also be referred to?
Materials Produced in a factory
Extractors
Raw Materials
All of the above
9
The mental and physical efforts that people contribute to the production of goods and services...
Natural Resources
Captial Resources
Human Resources
10
What is supply?
work that people do for other people
something that people make or grow
how much of a good or service people want to buy
how much of a good or service is available to buy
11
During Thanksgiving the price of turkey increases. What is the supply and demand?
High Demand & Low Supply
Low Demand & High Supply
12
What's an opportunity cost?
When you have a choice to do or buy one thing or another
PAY DAY!
When you have to buy one thing
Paying someone
13
The US is a _______ economy.
command
free market
mixed
traditional
14
What is the government's role under a mixed economy?
Support Market Price
Decide Quantity of goods produced
supports and regulates free enterprise through decisions.
15
Economic System in which individuals and private groups make decisions about what to produce.
Command
Traditional
Free Market
16
Economic system in which the government makes all decisions.
Traditional
Mixed
Free Market
Command
17
Scarcity is...
a capital resource
using goods and services
selecting and item or action from a set of possibilities.
the inability to satisfy all wants at the same time
18
What won't businesses do under a command economy?
determine how much they will produce
Make their own decisions
Determine who will buy goods
Set their own price
19
What is economics?
things we use to satisfy our wants and needs
The way a country manages its money and scarce resources.
Money, goods, services, supply, and demand
People depend on each other
20
What is determined by the interaction of supply and demand?
Quality
Price
21
What is Demand?
A problem of society
Amount of a product that someone is willing and able to pay
An order
The amount of resources supplied
22
Which county has a mixed economy?
Canada
Cuba
United States
All of the above
23
What are capital resources?
the things from nature you use
the tools and buildings you use
the workers
24
What are market economies based upon?
Price
Constant Factors
Free Enterprise
Product availability
25
Where supply and demand curves meet is known as:
equal
equilibrium
coincide
connection
26
What is command economy?
Both Government and individuals are in charge
Government is in charge
No one is in charge
Individuals are in charge
27
An example of a pure market economy is
Mexico
Does not exist
United States
Saudi Arabia
28
What are NATURAL RESOURCES?
Minerals and petroleum
Plants and animals
Any natural material that is used by humans
Water and air
