Economic Systems and Rules
Name an example of a non-economic want
Companionship, Respect, Love, Leisure Time, Feeling of Security, Peace, etc.
Name the three types of resources
Natural, Human, & Capital
Free Space
I couldn't think of another question for productivity :)
Give me an example of a For Profit and a Non-Profit business
For Profit: Target, Walmart, Kroger, Food Lion, Dave and Busters, etc.
Non-Profit: Red Cross, UNICEF, Doctors Without Borders, etc.
As price increases, supply does what?
Increases
Lori lives in a country with multiple businesses that have monopolies in their respective industries. She is most likely in what kind of economy.
Market Economy
Sam works as a salesman at a mattress store, they are a __________ resource
Human
Name three inputs that go into making a plastic water bottle
Time, Manual Labor, Plastic, Water, Machinery, Electricity, etc.
eBay is an example of a ________ to _________ transaction
consumer to consumer
How should a company change the price of their products if they want to increase demand?
Decrease price
Which economic system prioritizes survival and getting basic needs
Traditional Economy
Give three examples of expenses a business has
Cost of goods, employee wages, rent, maintenance costs, new capital resources, etc.
The equation for productivity is...
Productivity = Outputs/Inputs
Public school is an example of a _______ to _______ transaction
Government to Consumer
Name a downside of a surplus
Wasted Money Purchasing Stock, Have to Get Rid of Product, Possibly Have to Discount Goods, etc.
What is the name for the term that represents the gap between the unlimited wants of a person and the limited resources available to them?
Scarcity
What is the profit equation?
Name three ways to increase productivity.
What do you call laws that prevent monopolies?
Antitrust Laws
What is the main statistic companies should use to create a selling price for their products?
Equilibrium Price
Name a downside to all of the types of economies other than mixed economy
Market: Open to Business Corruption
Command: Open to Government Corruption
Name two limitations of one of the resources.
Natural: Boundaries, Difficulty to Obtain, Resource Management, Weather Conditions
Human: Willingness and Ability to Work, Lack of Skill, Wrong Location
Capital Resources: Availability of Tools Needed, Affordability of Tools Needed, Development of Technology
There's like a bajillion answers that could be correct for this one
What is the difference between a multilevel marketing business and a pyramid scheme?
Pyramid schemes prioritize recruiting new members and dumping stock on them.
What is the name of the job of people whose main goal is to prevent surpluses and shortages?
Buyers