Economics Flashcard

Front

According to this table, what will happen if the price of a slice of pizza decreases from $2.50 to $1.00?

Back

There will not be enough pizza produced.

Front

What is the opportunity cost of going to the movies?

Back

Value of the computer game.

Front

Which incentive would most likely motivate consumers to eat at Hot Dog City? Options: Hot Dog City decreases their supply of hot dogs to create a scarcity situation., Hot Dog City advertises that it has been in business for 10 years., Hot Dog City offers a free drink with purchase at Hot Dog City., Hot Dog City raises their prices in order to make more money per sale.

Back

Hot Dog City offers a free drink with purchase at Hot Dog City.

Front

What type of economy was the Soviet Union? The government of the Soviet Union provided food for its citizens.  However, the food was often in short supply, had little variety, and was of poor quality.

Back

Command

Front

Most countries today have which type of economic system? Options: Mixed, Market, Traditional, Command

Back

Mixed

Front

Which economic system has the least amount of government involvement in decision making? Options: Mixed, Market, Command, Traditional

Back

Market

Front

_________________ results in lower prices and better quality goods and services.

Back

Competition

Front

The amount of money you make after all expenses have been paid is called what?

Back

Profit

Front

In 2000, the Heinz Corporation began selling purple ketchup. Sales were low and within a few years Heinz stopped selling it. Which characteristic of our economy was demonstrated in this example?

Back

Consumer Sovereignty

Front

What kind of business is best described by these statements?

Back

Proprietorship