Multi Choice
The US is mostly a_____
free market
focus economy
GDP
Demand
Free Market
Economics is the study of consumer......
Choices
Which factor of production refers to the man -made objects like tools, machinery, building and equipment needed for production
products
capital
tertiary
market
capital
What you choose to buy has an ______ on the economies of other countries
______ is the science of the whole economy, while _______ is the study of people, individuals, or markets
global economics, micro economics
macro economics, global economics
macro economics, micro economics
micro economics, macro economics
A ______ economy is built on primary industries such as fishing, farming, and it generally has very little waste and very little surplus
market
mixed
traditional
command
traditional
Every country has a unique ______ that includes its leadership, the way it makes decisions, and how the country citizens buy stuff
Socialism is an example of a ______ economy where the_____ is/are at the center
market, people
free, monopoly
specialized, market
command, government
command, government
This term describes how many countries and companies around the world depend upon each other..
Economic Interdependence
Supply and demand helps us understand how the ____ of a particular product and the _____ for it affect the price of the item.
worth, supply
look, feel
demand, need
availability, desire
availability, desire
The buying and selling of various goods and services is called.....
marketplace
trade
scarcity
economic interdependece
trade
This term is when a country focuses its efforts on producing a limited variety of goods or services
specialization
______ never really works for an economy because there is little innovation and no reward for starting a business, as well as an unmotivated labor force because workers are often assigned jobs.
capitalism
socialism
monopoly
market economy
socialism
Wind, water, and solar energy are examples of _____
renewable resources
a product that is sold to the global market is called ____ while product from another country is called______
export, demand
resources, export
export, import
GDP, import
export, import
A free enterprise market economy where businesses are free to determine what goods to produce and who to sell them to is called ________
capitalism
socialism
mixed economy
specialization
capitalism
Monopoly
During the ____ phase of the business cycle, GDP growth falls, unemployment levels rise, income is in decline, and the stock market declines
peak
through
contraction (recession)
expansion
contraction (recession)
______ Is an official ban on trade with a country
embargo
The series of steps it takes to produce a product is called the.....
chain of production
economic sectors
factors of production
market values
chain of production
Equilibrium is ...
the point at which the economy reaches it max level of growth
the lowest point in the business cycle, after a recession
when the market supply and demand match each other, resulting in price stability
when the availability of a product and how desire it is by consumers affect its price
when the market supply and demand match each other, resulting in price stability
If a government fears there may be a shortage of something, they may choose to ____ it
Ration
Low supply and high demand increases the price of an item
True or False
True
it is something that occurs when there is greater demand for something than what is available
what is the term to describe this.....
scarcity
You can depend on the people in power to either make you wealthy or make you poor
true or false
false