Snoop Dog
Eminem
Dr. Dre
Tupac
Busta Ryhmes
100

Who performs the consumer role in the economy?

Individuals

100

What can cause fluctuations in the demand for certain products, such as winter coats, swimsuits, and Christmas cards?

Seasonal factors

100

What is the key factor that determines whether businesses will continue to supply a product?

If they make a profit

100

What is demand in economics?

The quantity that consumers are willing and able to buy at a particular price

100

What economic role involves participating in the workforce and earning income?

Worker

200

How does competition among businesses affect product pricing?

It prevents businesses from charging excessive prices.

200

Which role involves making buying decisions that influence the economy?

Consumer

200

Which economic role involves making decisions related to government policies and participating in civic activities?

Citizen

200

How do consumers help businesses make decisions on what to produce?

By choosing to buy and not to buy

200

What happens to the price of a product when its demand increases?

Increases

300

What is supply in economics?

The quantity of products or services businesses are willing and able to provide at a given price

300

How does demand help determine supply in the market?

The more people willing to buy a product, the more of that product will be produced.

300

What determines the price of products in the market?

Consumer purchasing habits and supply and demand

300

How many economic roles do individuals typically perform in their lifetime?

Three
300

Which role mentioned that directly contributes to the production of goods and services?

Worker

400

When demand for a product increases, what typically happens in the market?

More businesses start producing the product.

400

What percentage of the goods produced do consumers buy?

More than 2/3

400

How do individual buying decisions impact the economy?

They influence the entire economy.

400

What does competition favor in the market, according to the notes?

Companies with lower production costs

400

What triggers competition among companies in the market?

An increase in consumer demand

500

Why do consumers play a central role in the economic system?

Because they buy the majority of goods produced.

500

What does your standard of living depend on?

The money you earn as a worker

500

When does competition among businesses typically begin in the market, according to the information provided?

When the demand for a product is met

500

How does supply affect product prices according to the information provided?

Supply affects prices through the need to cover production costs.

500

What is labor productivity?

The quantity of a good that a worker can produce in 1 hour

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