Economics is a study of consumer ______.
behavior and production, distribution, and consumption of goods and services.
Every country has a unique ______ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.
political economy
Every country has a unique ______ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.
Command economy
Supply and demand
Entrepreneurship
Economic system
Economic system
Economics is a study of consumer ______.
Demand
Supply
Availability
Choices
Choices
The U.S. is mostly a . . .
Focused economy
Free market
Demand
GDP
Free market economy.
What you choose to __________ has a(n) ___________ on the economies of other countries.
Trade; affect
Do; fallout
Make; influence
Buy; impact
Buy; impact.
Economic interdependence . . .
Describes how all the countries of the world handle their money
Describes how many countries and companies around the world depend upon each other
Means that we're all dependent upon the economy for our personal happiness
Means that countries do not depend on each other for their economic well-being
Describes how many countries and companies around the world depend upon each other.
A ____________ economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus.
Market
Mixed
Traditional
Command
Traditional.
Equilibrium is . . .
The point at which the economy reaches its maximum level of growth
The lowest point in the business cycle, after a recession
When the market supply and demand match each other, resulting in price stability
When the availability of a product and how desired it is by consumers affect its price
When the market supply and demand match each other, resulting in price stability.
The buying and selling of various goods and services is called ____________.
Economic interdependence
Scarcity
Trade
Marketplace
Trade.
_____________ is the science of the whole economy, while _____________ is the study of people, individual businesses, or markets.
Global economics; microeconomics
Macroeconomics; global economics
Macroeconomics; microeconomics
Microeconomics; macroeconomics
Macroeconomics; microeconomics.
You can depend on the people in power to either make you wealthy or make you poor.
True
False
Supply and demand helps us understand how the _________ of a particular product and the _________ for it affect the price of the item.
Worth; supply
Look; feel
Demand; need
Availability; desire
Availability; desire.
A product that's sold to the global market is called _________ while a product that's bought from another country is called ___________.
A GDP; an import
An export; an import
A resources; an export
An export; a demand
An export; an import.
Which factor of production refers to the man-made objects like tools, machinery, buildings, and equipment needed for production?
Products
Capital
Tertiary
Market
Capital.
Socialism is an example of a _________ economy where the __________ is/are at the center.
Command; government
Specialized; market
Free; monopoly
Market; people
Command; government.
__________ is the desire to make a profit, and it isn't greedy. It keeps businesses in ___________.
Competition; stabilization
Goal setting; debt
Profit sharing; limbo
Profit motive; business
Profit motive; business.
Wind, water, and solar energy are examples of _____________.
Human capital
Nonrenewable resources
Economic interdependence
Renewable resources
Renewable resources.
The series of steps it takes to produce a product is called the . . .
Chain of production
Economic sectors
Factors of production
Market values
Chain of production.
_________ never really works for an economy because there's little innovation and no reward for starting a business, as well as an unmotivated labor force because workers are often assigned jobs.
Monopoly
Market economy
Socialism
Capitalism
Socialism.
___________ doesn't/don't exist in a command economy because there are fewer options for goods and services and they're controlled by the government.
Goods and services
Competition
Retailers
Customers
Competition.
________ is an official ban on trade with a country.
Tariffs
Rationing
A quota
An embargo
An embargo.
Inflation, deflation, the rate of economic growth, price levels, national income, changes in employment rates, and GDP are all called . . .
Stock markets
Global economy
Developing countries
Economic indicators
Economic indicators.
A free enterprise market economy where businesses are free to determine what goods to produce and who to sell them to is called _____________.
Specialization
Mixed economy
Socialism
Capitalism