2.01 Economic Systems Vocabulary Question Preview (ID: 21219)


Chapter 2. TEACHERS: click here for quick copy question ID numbers.

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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