2024 Semester 2 Final Prep 23-24

Front

A one-time purchase of an iPhone is best defined as what?

Back

A want

Front

What is the best way to describe Economic inflation?

Back

Price rising over time and purchasing power of money going down

Front

An association of workers for the purpose of improving their economic status and working condition is called what?

Back

Labor Union

Front

What economic system focuses on customs and agriculture?

Back

Traditional

Front

What type of economic system relies on the laws of supply and demand to direct the production of goods and services?

Back

Market Economy

Front

What type of economic system has a single person or group of officials who make economic decisions?

Back

Command Economy

Front

Which of the following has the highest risk but highest reward? Stocks, CD's, Bonds, Savings Accounts

Back

Stocks

Front

Which of the following has the lowest risk but lowest reward: Stocks, Crypto, CD's, Savings?

Back

Savings

Front

What type of economic system mainly is run by supply and demand, but also has some government control?

Back

Mixed Economy

Front

If a product has a high price, what will most likely happen?

Back

Consumers will demand less of it