Mid-Term Exam Economics

Front

Economic system where government controls everything.

Back

Command

Front

Type of Economy that is half command and half market

Back

Mixed

Front

Type of economic system where there is no government control.

Back

Free Enterprise

Front

Capitalism is most closely related to which type of economic system? Options: Command, Traditional, Free Enterprise, Mixed

Back

Free Enterprise

Front

If the supply of a good is higher than the demand, what happens to the price?

Back

Price goes down

Front

An increase in competition would have what effect on price?

Back

Price goes down

Front

If there is no competition in your market, how would that impact your business?

Back

You could charge more for your product.

Front

New technology that increases the speed of production would have what impact on the prices of goods?

Back

Prices would lower

Front

In a ______________ economic system, the government owns resources and controls production, prices, and wages

Back

command

Front

What is a consumer?

Back

a person who purchases goods and services for personal use