Economics Intro

What is the central economic problem that results from unlimited wants and limited resources?

• Inflation

• Scarcity

• Unemployment

• Distribution

Which economic system is characterized by the government making all the decisions regarding production and distribution?

• Laissez faire

• Command

• Mixed

• Market

What term describes the concept where the free market, through supply and demand, regulates itself without government intervention?

• Invisible hand

• Distribution

• Scarcity

• Production

In economics, what are the two main types of products that can be offered in a market?

• Capital and Labor

• Profit and Loss

• Supply and Demand

• Goods and Services

What does the term 'laissez faire' imply in an economic context?

• Minimum wage laws

• Free market without government intervention

• Central planning

• Government regulation

The city government issued Rob the Baker with two citations (zoning and health codes). The govt has intervened to protect what?

• private property

• public interest

• government

When there is low supply but high demand, what happens to the price of the good/service?

• it goes up

• it goes down

• it stays the same

The study of how people/groups satisfy their needs by making and selling goods and services.

• Social Studies

• Political Science

• Economics

• Personal Interest

An economy where the economic questions are answered by both the individual people and the government.

• Market

• Command

• Mixed

• Traditional

Which democratic value best characterizes a market economy?

• equality

• freedom

• authority

• consent of the governed