2.01 Economic Systems Vocabulary: Question Preview (ID: 21219)

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This resource is used to produce goods and services such as buildings, materials, and equipment
a) Natural b) Human c) Capital d) Entrepreneurial
Which economic systems is controlled by the government only
a) Mixed b) Market c) Traditional d) Command
The United States has a combination of market and command which ecomony is this
a) Mixed b) Traditional c) Free Enterprise d) Command
This resources is found in nature that are uded toproduce goods
a) Human b) Natural c) Capital d) Entrepreneurial
If an individual is willing to consume more of a product or service if the price is
a) Low b) High c) Same d) In between
When the price is high the demand is what
a) high b) low c) same d) In between
When the price is low what happens to the demand
a) high b) low c) smae d) in between
Which economy is based on customs. Which is based on traditions
a) Mixed b) Command c) Traditional d) Market
What is the primary goal of an economic system?
a) provide people with good benefits and income b) provide people with a miniumum stanadrd of living c) provide people with resources d) provide people with supply and demand
Shortage of resources means
a) limited b) short c) scaracity d) minimum
In a free market who determine the demand of a product
a) Consumers b) Customers c) Government d) Marketplace
The point at which the supply and demand curve meet
a) supply curve b) demand curve c) supply and demand graph d) equilibrium price and quantity
What does the supply and demand graph shows
a) changes in a products demand or supply b) how the supply is produced c) how the good or service is determine d) free market
Which economy guarantees equal standard of living for everyone
a) Free Enterprise b) Traditional c) Command d) Mixed
Thiseconomy is controlled by the government and marketplace
a) Traditional b) Mixed c) Command d) Market
The study of how individuals and socieites seek to satisfy need and wants
a) Resources b) Supply and Demand c) Marketplace d) Economics
When the price is above the equilibrium price, fewer people are willing to buy if the price is
a) in between b) low c) high d) neutral
When the price is below the equilibrium price many people are willing to buy a lot of the product if the price is
a) low b) high c) same d) neutral
Who competes to make a profit
a) buyers b) demand c) sellers d) profit motive
Which one does not use technology
a) Amish b) Cuba c) England d) China
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