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17 questions
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- Multiple ChoicePlease save your changes before editing any questions.
The science (study) that deals with the production, distribution, and consumption of goods and services
Economics
Opportunity Cost
Supply
Demand
- Multiple ChoicePlease save your changes before editing any questions.
You want to go to a football game and a concert. You only have money to do one. The value of the option given up is called
Economics
Opportunity Cost
Supply
Demand
- Multiple ChoicePlease save your changes before editing any questions.
Buyers and users of goods and services are called producers
True
False
- Multiple ChoicePlease save your changes before editing any questions.
All of the following are examples of needs EXCEPT
Food
Water
iPhone
Shelter
- Multiple ChoicePlease save your changes before editing any questions.
Nonhuman resources are more efficient than human resources
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Select the 4 factors of product
Land (Natural)
Labor
Capital
Entrepreneurial
Economics
- Multiple ChoicePlease save your changes before editing any questions.
Lack of resources is called...
Scarcity
Supply
Demand
Equilibrium
- Multiple ChoicePlease save your changes before editing any questions.
An economic system in which economic decisions are based on a society's values, culture, and customs is what type of economic system
Traditional Economy
Command Economy
Market Economy
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
An economic system in which a central authority controls economic activities is called...
Traditional Economy
Command Economy
Market Economy
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
An economic system in which privately owned businesses compete for profits with limited government regulation is called...
Traditional Economy
Command Economy
Market Economy
Mixed Economy
- Multiple ChoicePlease save your changes before editing any questions.
The United States is an example of a mixed economy
True
False
- Multiple ChoicePlease save your changes before editing any questions.
What is a general increase in the price of goods and services
Inflation
Deflation
Stagflation
Demand
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following scenarios would NOT cause inflation to occur?
The time period after a war
Increase in the costs of raw materials
Over supply of an item
The government allowing too much money to circulate
- Multiple ChoicePlease save your changes before editing any questions.
The total amount of money a government owes is called national debt
True
False
- Multiple ChoicePlease save your changes before editing any questions.
The Gross Domestic Product (GDP) is calculated by adding the total amount of Consumer Spending + Business Spending/Investing + Government Spending + (Exports - Imports)
True
False
- Multiple ChoicePlease save your changes before editing any questions.
A _________ is when the government is spending more than it is collecting
Budget Deficit
Budget Surplus
National Debt
GDP
- Multiple ChoicePlease save your changes before editing any questions.
A __________ is when the government's revenue exceeds its expenses.
Budget Deficit
Budget Surplus
National Debt
GDP