BM 2
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
