FBLA Economics

The making, buying and selling of goods and services

• economics

• inflation

• market

• barter

The study of resources such as money, materials, and labor

• economics

• services

• producers

• goods

The resources required to make a product (good or service)

• economics

• consumption

• four factors of production

• scarcity

A general increase in prices

• price

• inflation

• scarcity

• demand

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity

• supply

• demand

• inflation

Which type of economy is run by the businesses & business owners?

• Command

• Mixed

• Communist

• Market

The concept of opportunity cost is best described as

• A) The cost of the next best alternative foregone

• B) The total cost of all alternatives

• C) The cost of production

• D) The cost of goods sold

Which economic system is characterized by private or corporate ownership of capital goods?

• A) Socialism

• B) Capitalism

• C) Communism

• D) Feudalism

What is the primary function of money in an economy?

• A) To act as a medium of exchange

• B) To create wealth

• C) To measure inflation

• D) To regulate markets

The law of demand states that, all else being equal, as the price of a good increases, the quantity demanded

• A) Increases

• B) Decreases

• C) Stays the same

• D) Fluctuates unpredictably