Economics Final Practice (Vocab and Multiple Choice)

Which pricing strategy involves setting prices based on competitors' prices to stay competitive?

• Value-Based Pricing

• Cost-Plus Pricing

• Competition-Based Pricing

• Dynamic Pricing

A pricing strategy that adjusts prices in real-time based on demand and competitor prices is called: ___

• Cost-Plus Pricing

• Value-Based Pricing

• Dynamic Pricing

• Competition-Based Pricing

Which economy combines elements of market and command systems?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

What type of economy is driven by supply and demand with minimal government intervention?

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Which factor of production refers to all natural resources used in production?

• Capital

• Land

• Labor

• Entrepreneurship

Which factor includes physical and financial resources like machinery and money?

• Capital

• Land

• Labor

• Entrepreneurship

Human creativity and risk-taking to drive production refers to:

• Labor

• Capital

• Land

• Entrepreneurship

The human effort used in production, such as workers and managers, is classified as:

• Labor

• Capital

• Land

• Entrepreneurship

Which factor is based on how much consumers want a good?

• Competitor Pricing

• Market Demand

• Production Costs

• Consumer Behavior

Businesses consider what factor to remain competitive and influence consumer choices?

• Competitor Pricing

• Market Demand

• Production Costs

• Consumer Behavior