Microeconomics "DBQ" review quizziz

A market structure in which only one producer supplies a good that is in demand, thereby permitting them to set the price by how much they supply, is called

• competition.

• monopoly.

• oligopoly.

• conglomerate.

According to the chart above, what do businesses receive from the factor market?

• Goods and Services

• Finished Goods

• Income

• Factors of Production

Define scarcity

• Having too much of something

• Money a company or an individual can keep, after all expenses have been paid

• There is not enough good or services available for trading

• Physical and mental effort used in creation of goods and services

Which of these is a want?

• Designer clothes

• Clothes

• Water

• Food

What is microeconomics?

• A value that will purchase a finite quantity, weight, or other measure of a good or service.

• The study of how people make things, and trade wealth, with limited resources

• Place where goods and services are bought and sold for a price

• The part of economics that deals with individual choices, when individuals are both humans and businesses

Define market

• A form of business that declares the business as a separate, legal organization led by a group of officers known as the board of directors; often owned by stockholders

• place where goods and services are bought and sold for a price

• the study of how people make things, and trade wealth, with limited resources

• A business owned by one person

Profit is:

• Total of all the things you own that have a value, or could create money for you in the future

• A form of business owned by two or more people who share management and profits

• Money a company or an individual can keep, after all expenses have been paid

• The total amount of money a business or individual brings in

“We cannot have all the things we want”. The resources available to satisfy our wants are, at any time, limited in supply: The statement reflects the concept of ________________________ .

• opportunity cost

• choices

• scarcity

• unemployment

A system where the government has full control of economic activities is known as a/an __________________________.

• Capitalistic Economy

• Command Economy

• Mixed Economy

• Traditional Economy

The economic problems of scarcity arise due to _______________.

• human greed.

• limited available resources.

• restrictions on the production of too many goods and services

• inefficient production method to expend the production of goods and services