What is a market economy?

An economic system where individuals and businesses have the freedom to use their resources in ways they think best.

An economic system where the government controls all resources.

An economic system where tradition dictates resource use.

An economic system with no freedom for businesses.

A person who buys goods and services.

A person who sells goods and services.

A person who manages resources.

What does the term 'demand' refer to?

The amount of goods consumers are willing and able to buy over a range of prices.

The amount of goods producers are willing to sell.

The monetary value of a product.

The system of distributing goods without prices.

What is the definition of 'price'?

The monetary value of a product.

A situation where supply is greater than demand.

A situation where demand is greater than supply.

A situation where supply equals demand.

A situation where prices are fixed.

What is the Circular Flow Model?

A model showing how goods, services, resources, and money flow among sectors and markets in the American economy

A model showing the flow of water in a circular pattern

A model depicting the life cycle of a product

A model illustrating the circular motion of planets

What is a factor market?

A market where productive resources are bought and sold

A market where only goods are sold

A market for entertainment services

A market for agricultural products

What is a product market?

A market where goods and services are bought and sold

A market for financial services

What does economic growth refer to?

The increase in a country's total output of goods and services over time

The increase in population size

The increase in the number of businesses

The increase in government spending

What is meant by the standard of living?

The quality of life of the people living in a country

The average income of a country's citizens

The number of cars owned per household

The level of education in a country

What does productivity measure?

How efficiently businesses use the factors of production to create products

The number of hours employees work

The amount of goods produced in a factory

The speed of technological advancements

What is specialization?

Assignment of tasks to workers or factories that can perform them most efficiently

Training employees in multiple skills

Focusing on a single product line

Diversifying business operations

How does competition benefit a market economy?

It encourages innovation and better products

What is the primary goal of socialism?

Distributing wealth more evenly

How do prices influence production methods?

By indicating the costs of resources

What are three reasons for prices of similar products being different? DEFINITION English

Different production methods, different consumer preferences, and different advertising strategies

Why is international trade important for a country's economy?

It allows for the exchange of goods and services

What does productivity measure?

How efficiently businesses use the factors of production

What is the primary focus of economics?

How people choose to use limited resources

How to make unlimited resources

How do values influence economic decisions in a society?

They shape what is produced and how resources are used

They determine the amount of resources available

They eliminate the need for trade-offs

They have no impact on economic decisions

In the context of scarcity, what does "unlimited wants" refer to?

The desire for more goods and services than can be produced

The ability to satisfy all needs

Which country is cited as an example of a pure command economy?

Too much government involvement

What is the primary motivation for producers to supply more of a product?

Decreased demand for the product

What is an example of an incentive for producers?

Higher prices leading to higher profits

What is the primary role of prices in a market economy?

To determine government policies

How do prices serve as signals to consumers?

They inform about the availability of products

They determine the production methods

They show the popularity of products

They indicate the quality of the product

What role does the government play in the economy?

influences the economy through regulations and taxes

How can specialization increase productivity?

By assigning tasks to workers who can perform them most efficiently

By increasing the cost of production

By limiting the variety of products

By reducing the number of workers needed

Economics Quiz

Quiz

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Social Studies

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8th Grade

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Practice Problem

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Medium

Gaylene Noble

Used 3+ times

FREE Resource

Scarcity

Benefit-cost analysis

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