CSET Social Science Subtest 3 Econ

___________ is the study of the ways specific societies allocate resources to individuals and groups within that society.

• Economics

• Sociology

• Science

Economics relates to ___________

• Who acquires the goods for benefits from someone

• How goods are produced

• What goods are produced

• All of the above

Macroeconomics refers to larger systems (nation wide), and Microeconomics refers to smaller systems (like stock market, steel market, etc)

• True

• False

________________ occurs where the needs of the consumer meet the needs of the suppliers.

• Market equilibrium

• perfect Market

• Economics

• Inflation

_____________ is based on how the quantity of a particular product responds to the price demanded for that product. If quantity responds quickly to changes in price, the supply/demand for that product fits this.

• Elasticity

• Market Efficiency

• Comparative advantage

__________ occurs when market is capable of producing output high enough to meet consumer demand.

• Elasticity

• Market efficiency

• Comparative advantage

____________ refers to a country focusing on a specific product that it can produce more efficiently and cheaply than another country.

• Comparative advantage

• Elasticity

• Market Efficiency

In a _______________ supply and demand are determined by consumers

• Market Economy

• Planned Economy

• Social Market

In a _____________ a public entity or planning authority makes the decisions about what resources will be produced, how, and who will benefit from them.

• Market economy

• Planned economy

• Social market

Existence of competition, number and size of suppliers, influence of suppliers over price, variety of available products, and ease of entering the market are all things considered to CLASSIFY markets

• True

• False