Scarcity & Choice
Economic Systems & Economic Flow
Supply & Demand/ Financial Institutions
Business Organizations & Entrepreneurship/The US Economy & Globalization
Introduction to Economics & the American Economy Check-In
76
The combining of human, natural, capital, and entrepreneurial resources to make goods or provide services is called _____________.
production
76
Command economies operate on the communist principles of ____________.
Karl Marx
76
According to this table, what will happen if the price of a cake decreases from $10 to $6?
There will not be enough cakes produced.
76
Jenny has opened Jenny's Flower Shop. She knows that she will take on all the risks but will also receive all the profits. Which type of business organization is Jenny's Flower Shop?
sole proprietorship
76
I have studied and prepared for taking this test by reviewing my notes and the lesson materials.
True
200
A person who takes risks to produce goods and services in search of profit is called a(n) ____________.
entrepreneur
200
In a ________ economic system, individuals and businesses make decisions for the private sector, and the government makes decisions for the public sector.
mixed
200
What is the amount of goods or services that producers are willing and able to sell?
supply
200
Which business type is authorized to operate as a legal person and limits its owners' risk to the amount of money they've invested?
corporation
200
I know that my tests are to be taken without the use of any outside materials, including LUOA lessons, websites, or notes.
True
201
What is the best definition of economics?
the study of how people make choices in the face of scarcity
201
Who has the most influence in a free-market economic system?
individuals
201
According to the chart above, what is the equilibrium price of cakes?
$8
201
Henry Ford used his entrepreneurial skills to build the Ford Motor Company. One of his key decisions was using a(n) ____________ to make building cars cheaper and faster.
assembly line
201
Type your name below to indicate you are prepared, or are preparing, to take your Module Test.
Melanie or Avery, or Cooper, or Rowen
318
What are the factors of production that are used to produce goods and services?
resources
318
What is the missing part of the chart above?
Individuals
318
What is demand?
the amount of goods or services people are willing to buy
318
How many attempts did it take for Milton Hershey to create a successful candy company?
three
318
Are you ready for the test now?
Yes or no
410
The second-best alternative we forego when making a choice is called ___________________.
opportunity cost
410
Which of the following are characteristics of a free-market economy?
-lack of consumer choice
-minimal government involvement in the economy
-private ownership of property/resources
-government as owner and decision-maker for the public sector
- competition
minimal government involvement in the economy
private ownership of property/resources
competition
410
Which statement best describes the relationship between supply and demand?
-The only way to increase the demand for a product is to increase the supply.
-Price is determined when supply equals demand.
-If the supply of a product is reduced, the demand for it is also reduced.
- The only time supply is affected by demand is when the government controls the product.
Price is determined when supply equals demand.
410
Short Answer: Name one way that entrepreneurs increase competition.
By making things cheaper.
410
Can you ace the test?
Maybe
500
Short Answer: In one sentence, define what the term good means in the context of economics.
A good is a physical thing that satisfies a humans wants.
500
In a traditional economy, economic decisions are based largely on _____________.
custom
500
What do banks do with the deposits their customers make?
They use the deposits to make loans to individuals and businesses.
500
Individuals and businesses in the United States buy a lot of goods from China. These goods brought to the United States from China would be considered _______________.
imports
500
What is the answer?
Rule of law
543
Wood is an example of which type of resource?
natural
543
Which of the following are questions a country must ask about its productive resources? (choose all that apply)
-Who will be able to consume these goods and services?
-How will goods and services be produced?
-How many schools should be built?
-How much money should be raised in taxes?
-What will be produced?
Who will be able to consume these goods and services?
How will goods and services be produced?
What will be produced?
543
How do financial institutions encourage savings?
by paying interest
543
In the early 1990s, PepsiCo introduced a new soda called Crystal Pepsi. Sales for Crystal Pepsi were low, so within a few years, PepsiCo stopped producing it. Which characteristic of the US economy is illustrated in this scenario?
consumer sovereignty
543
How to spell civics?
C-I-V-I-C-S
597
A hammer is an example of which type of resource?
capital
597
In a traditional economy, economic decisions are based largely on _____________.
custom
597
In the Parable of the Talents in Matthew 25, the master rewarded the servants who had ____________ their money.
invested
597
The interaction and integration of individuals, businesses, and governments worldwide is called _________________.
globalization
597
When do we have the test?
the 8th day of the week at 13:60bn
687
What is consumption?
the use of goods and services
687
Resources are used by ________ to produce goods and services that households want.
businesses
687
Short Answer: In one sentence, explain how financial institutions help the economy grow.
They get the money from people's deposits ,and they give those as loans.
687
Which innovation has contributed the most to increasing the global flow of information, capital, goods, and services?
the Internet
687
Are you done?
yes