BM 2

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friendship would be considered an __ want

noneconomic

when a stove is used in a restaurant kitchen, it is a

capital good

which of the following statements about economic resources is true

as a natural and human resource become limited, capital goods become limited.

two factors involved in determining the value of a resources, good, or service are

availability and demand

the heart of economics is

decision making

what do consumers, producers, and the owners of the resources do with money payments to create a flow of resources, goods, services, and the money payments?

exchange

a country that currently has a command economic system is

north korea

which of the following items is found in all economic systems

participants

communist command economies are most likely to experience which of the following problems

poor quality goods

which of the following situations involves finding an alternative resource to use in place of a nonrenewable source

powering a motor vehicle with biodiesel instead of gas

in order for consumption to occur, goods and services must be

produced

distribution examines how income is divided between

producers and resources

government owns the basic means of production, but there is some private ownership of business under

soialism

an example of a country that has a socialist command economy is

sweden

a major problem for individuals and private businesses in a socialist command economy is

taxes

why are resources considered limited

there are not enough available so that everyone can have as much as desired

when producers use the best combination of resources, consumers are more likely to get goods and services

they want

which of the following is the best reason for studying economics

to prepare for effective decision making and responsible citizenship

a manager is willing to accept the production of fewer quantities of a product as long as her workers produce higher quality products. The manager is making a

tradeoff

which one of the following groups of words best describes wants

unlimited, changing, competing

which of the following cultures has a traditional economic system

Amazon rainforest communities

which of the following economic resources helps people to be more productive

capital resources

what action do consumers take that determines what will be produced in a market economy

cast economic votes

the government controls the economic system and does not allow private ownership of the means of production and distribution in a ___ economy

communist command

the ultimate goal of all economic activity is

consumption

which of the following is a potential problem in a market economies

financial loss

rather than being required to start his work day at 8 and end at 4, tyler is allowed to start and end his work day at his convenience as long as he works 40 hours, this is called

flextime

in a communist command economy, who decides how the economic questions will be answered

government

the way in which an economic system answers the basic economic questions depends upon the country's

government

in a socialist economic system, who tends to answer the question of how products will be produced

government and business

one of the reasons that a country needs an economic system is because it

has a limited supply of resources

people are considered to be __ resource

human

a salesclerk working part time at a clothing store is an example of an

human resource

offering higher wages, employee-assistance programs, and benefits are responses

human resources

which of the following economic resource is responsible for combing the other resources to produce goods and services

human resources

which of the following occurs when the supply of individuals who are able and willing to work diminishes

human resources become limited

resources that enable businesses to operate are also known as

inputs

when there is not enough of a resource available for everyone to have as much of it as desired, the resource is an __ resource

limited

individuals and businesses own the means pf production and distribution with limited government regulation in a ___ economy

market

what type of economic system is used in the United States

market

the most common medium of exchange in modern economic system is

money

water and air are examples of __ resources

natural

using a stream to supply water to a field in order to grow crops is an example of using

natural resources

weather conditions can directly affect the supply of

natural resources

the state of technology that exists in a society can limit

natural resources and capital goods

which of the following statements regarding economic resources is true

natural, capital, and human resources are often referred to as factors of production

John only had $40 to spend and couldn't decide whether to buy a new pair of jeans or go to an amusement park. He finally decided to go to the amusement park. What is the opportunity cost

new pair of jeans

consumers are typically most willing to pay more for goods and services that bring them greater

satisfaction

a gap between unlimited wants and limited resources creates a condition known as

scarcity

which of the following situations involves finding another source of a limited natural resource

searching for oil on the ocean floor

lack of economic growth is a major problem for ____ economic systems

traditional

which of the following types of economic systems adopts the fewest new ideas or improvements

traditionals

in a traditional economic system , the question of what to produce is answered by producing

what has always been produced

what are the threee basic economic questions

what will be produced how will products be produced how will products be allocated

over the next few years, members of Gen X and Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of change in

workforce demographics

in economics, the term capital goods includes

buildings and equipment

automation involves replacing human resources with

capital goods

maintenance, modifications, and use of alternative sources are responses to limited

capital goods

seeing a movie at a theatre would be considered a __ want

economic

into what two categories can wants be divided

economic and noneconomic


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