Economics Semester Exam 2022

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

Which type of economy has central ownership, the government, and lack of individual choice?

Back

Command

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization

Front

Competition and profit motive are important characteristics of a:

Back

market economy

Front

What is Economics?

Back

The study of how people manage scarce resources

Front

Who is the maker of goods?

Back

Producer

Front

Who is the purchaser of goods?

Back

Consumer

Front

Which is NOT a factor of production? Land, Labor, Economic benefit, Capital

Back

Economic benefit

Front

What is an interest rate?

Back

The percentage you pay on a loan.

Front

What is a simple definition of the unemployment rate?

Back

Percentage of the labor force who are out of work, but are looking for a job.