Economics Unit Review

Please select a Team. 1.Team 1 2.Team 2 3.Team 3 4.Team 4 5.Team 5 0 of 5 10

1.Food, clothing, and shelter are examples of 1.Wants 2.Needs 3.Trade-offs 4.incentives 0 of 5 10

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In what kind of system do private citizens own most, if not all of the means of production? 1.Traditonal 2.market 3.federalized 4.socialist 0 of 5 10

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What is the study of how we make decisions in a world where resources are limited? 1.capitalism 2.economics 3.Economic model 4.Cost-benefit analysis 0 of 5 10

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In what type of economy are decisions made by individuals looking out for their own interests? 1.traditional 2.tribal 3.market 4.command 0 of 5 10

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What occurs when we lack the resources to produce the things we want? 1.wants 2.Marginal benefit 3.Free enterprise 4.scarcity 0 of 5 10

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When one thing is exchanged for the use of another, it is called a … 1.Trade-off 2.Opportunity cost 3.Free exchange 4.Marginal cost 0 of 5 10

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A factory that is trying to decide whether to produce wire hangers or nails is trying to answer which question of production? 1.How to produce? 2.For whom to produce? 3.What to produce? 4.When to produce? 0 of 5 10

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A command economy often results in … 1.Too much production. 2.A lot of competition. 3.High unemployment. 4.Low-quality goods. 0 of 5 10

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Which of the following best describes the United States’ economy today? 1.communist 2.traditional 3.mixed 4.command 0 of 5 10

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Costs that change with how much is produced are? 1.Fixed Costs 2.Total Costs 3.Marginal Costs 4.Variable Costs 0 of 5 10

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Costs that remain the same no matter how much is produced are? 1.Fixed Costs 2.Total Costs 3.Marginal Costs 4.Variable Costs 0 of 5 10

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According to the _______, when prices are high consumers demand less. 0 of Law of demand 2.Law of supply 3.Demand schedule 4.Market demand

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The tools, machinery, and buildings used to make other products are called? 0 of Entrepreneurs 2.Land 3.labor 4.capital

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The physical and mental talents of people are called? 0 of Entrepreneurs 2.Land 3.labor 4.capital

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Products that are used together are called? 0 of demands 2.utilities 3.complements 4.substitutes

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What do we call the desire, willingness, and ability to buy a good or service? 0 of Law of demand 2.Law of supply 3.Demand 4.Supply

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Products that compete with each other are called? 0 of demands 2.utilities 3.complements 4.substitutes

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Buyers and sellers answer the questions of production in this economy? 0 of Market economy 2.Command economy 3.Traditional economy 4.Mixed economy

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The Government answers the questions of production in this economy. 0 of Market economy 2.Command economy 3.Traditional economy 4.Mixed economy

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Which type of business ownership has flexibility as its biggest advantage? 1.Sole Proprietorship 2.Partnership 3.Mother ship 4.Corporation 0 of 5 10

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Limited liability is the an advantage of 0 of 5 1.Sole Proprietorship 2.Partnership 3.Mother ship 4.Corporation 10

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Buyers and sellers answer the questions of production in this economy? 0 of Market economy 2.Command economy 3.Traditional economy 4.Mixed economy

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This is the least productive economy. 0 of Market economy 2.Command economy 3.Traditional economy 4.Mixed economy

A ____ occurs when quantity supplied is higher than the quantity demanded. 1.price 2.market 3.surplus 4.shortage

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When the supply of a product increases and demand remains the same, the price will usually ____. (Hint: Use scratch paper to draw a graph to help you) When the supply of a product increases and demand remains the same, the price will usually ____. (Hint: Use scratch paper to draw a graph to help you) 0 of Increase 2.Decrease 3.Stay the same 4.Go up and down

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If Demand increases and Supply remains the same, price will? 1.Go down 2.Go up 3.Stay the same 0 of 30 10

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If Supply decreases and demand stays the same, what will happen to price? 1.Go up 2.Go down 3.Stay the same

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