how goods and services are produced, distributed and used is the study of
What is economics
100
The economic resource encompassing natural resources found within a nation’s economy is
A) Labor C) Capital
B) Entrepreneur D) Land
What is D) land
100
Paid by the hour
A) Salary B) Wage C) Commission
D) Bonus E) Piece Work
What is B) wage
100
What is the most counterfeited bill in the world?
What is $100 bill
200
in short supply; not enough
What is scarcity
200
Quantity demanded equals quantity supplied
What is Equilibrium Price
200
When a person has an idea for creating a valuable good or service and assume the risk
A) Labor C) Capital
B) Entrepreneur D) Land
What is B) Entrepreneur
200
Employee receives a percentage of each good / service sold
A) Salary B) Wage C) Commission
D) Bonus E) Piece Work
What is C) Commission
200
This entrepreneur made a fortune in the steel industry and sold his company to J.P. Morgan
A) Karl Marx C) Adam Smith
B) John Rockefeller D) Andrew Carnegie
Who is D) Andrew Carnegie
300
is the amount of money left over after spending
What is savings
300
What gives money its value? (Name one)
What is the amount in circulation or the public faith
300
Represents the human capital available to transform raw or national resources into consumer goods.
A) Labor C) Capital
B) Entrepreneur D) Land
What is A) Labor
300
Which of the following is not a type of economy?
A) Command
B) Monopoly
C) Market
D) Mixed
What is B) Monopoly
300
What is the highest score possible in 10 pin bowling?
What is 300
400
refers to financial assets or the financial value of assets
What is capital
400
The Law of Supply states that, "the ________ the price of a good, the ___________that the supplier should sell. (Sellers perspective)
A) Lower, more C) higher, more
B) Lower, less D) higher, less
What is c) higher, more
400
This entrepreneur made a fortune in the oil industry and creating a monopoly.
A) Karl Marx C) Adam Smith
B) John Rockefeller D) Andrew Carnegie
What is B) Rockfellar
400
Paid for each unit made
A) Salary
B) Wage
C) Commission
D) Bonus
E) Piece Work
What is E) Piece Work
400
Mr. Pibb was a soft drink created by the Coca-Cola Company to compete with what other soft drink?
What is Dr. Pepper
500
making or manufacturing from components or raw materials
What is production
500
The Law of Demand states, "the ______________ the price of the good, the __________ the buyer/consumer wants to buy. “ (Buyer perspective)
A) Lower, more C) higher, more
B) Lower, less D) higher, less
What is a) Lower, more
500
This economist was the founder of economics; believed in Laissez Faire (less gov’t)
A) Karl Marx C) Adam Smith
B) John Rockefeller D) Andrew Carnegie
What is C) Adam Smith
500
Which of the following is not a type of savings?
A) Passport Savings Account
C) Interest-bearing Checking Account
B) Savings bond
D) Stock Market Account
What is D) Stock Market Account
500
What is the largest internal organ of the human body?