Economics Review

Front

Which of the following is a correct example of a good? Banking, Restaurants, Food, Hospitals

Back

Food

Front

What creates scarcity?

Back

The difference between wants and reality.

Front

Define revenue.

Back

The money earned by selling goods and services.

Front

How does specialization benefit businesses?

Back

It allows businesses to use resources more efficiently and increase production

Front

How does competition affect producers and consumers?

Back

It forces producers to keep prices close to or lower than their competitors.

Front

Who makes economic decisions in a market economic system?

Back

Individual consumers and producers

Front

What is an advantage of a market economic system? Options: Little unemployment, People own their own business, Lack of competition, High government control

Back

People own their own business

Front

What is a key feature of a traditional economic system?

Back

Economic decisions based on customs and values

Front

Which economic system is also called a centrally planned system?

Back

Command

Front

What is a common goal for businesses in a market economy?

Back

To make a profit