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8th EBME Review
| Question | Answer |
|---|---|
| As prices fall for a particular good or service, the demand for that item will increase and vice-versa. | Law of Demand |
| In which economic systems do individuals decide what, how and for whom goods and services are produced. | Market |
| When the quantity bought and the quantity sold are at the exact same price and quantity, this is called the: | Equilibrium Price |
| In which economic system does businesses and consumers make decisions | Market |
| : The amount at which a good or service will be sold in a market. | Price |
| Customers and locations that a business wants to serve. | Market |
| The marketplace, buyers,and sellers motivate the economy in which economic system? | Mixed |
| What type of economy promotes and has a VERY HIGH level of competition? | Market |
| What is a difference between a market economy and a command economy? | Competition provides consumers choices in a market economy |
| Compare the way economic decisions are made in an Amish community with the way they are made in Cuba. | Tradition dictates how decisions are made in the Amish Community |
| What is an advantage of the market portion of the United States economic system? | Business determine what to produce based on demand |
| How does a bear market impact the U. S. economy? | Consumers will spend less and save more |
| : What is a difference between a traditional economy and a free enterprise system? | Supply and demand drive economic decisions in a free enterprise system |
| : What is a characteristic of a command economy compared with other types of economic systems? | Government provides an equal standard of living for everyone |
| When Wendy's was successful at selling salads in its restaurants, McDonald's started to sell salads, too. This is an example of: | competition |
| The ability of the owner of Cherie's Bakery to own the building that houses the bakery, as well as the ovens and display cases in the building, is an example of: | private property ownership |
| What is an ADVANTAGE of a market economy compared with a traditional economy? | In a market economy, innovation and competition in the marketplace are encouraged. |
| How does e-commerce impact the U.S. economy? | Businesses can sell and deliver goods more easily. |
| How does the Federal Reserve impact the U.S. economy? | Raising interest rates will cause consumers to buy less. |
| How does the Federal Reserve impact the U.S. economy? | Lowering interest rates will cause consumers to buy more homes. |
| How does the Federal Reserve impact the U.S. economy? | circulates more money to stimulate consumer purchasing |
| What do a mixed economy and a market economy have in common? | Government takes care of people's needs in both systems |
| What is a DISADVANTAGE of a market economy compared with a command economy? | Market economies create a huge gap between the wealthy and the poor. |
| Compare the way economic decisions are made in the United States with the way they are made in China. | Individuals and government make the decisions in the US |
| Emily started her own business selling handmade jewelry. Emily charges as much as she can for her jewelry designs. This is an example of: | self-interest and profit motive |
| The level of competition is very low in the traditional economy. True or False | True |
| Economic system characterized by private ownership of the means of production: | Market |
| Shares of ownership in a corporation. | stock |
| : This Economy promotes more government ownership of businesses and high taxes. | Socialist |
| Customs govern the economic decisions that are made. | Traditional |
| : An agreement to buy or sell a commodity (oil, gold, etc.) at some point is called a? | Future |
| : Bonds are loans made by the investor to the issuer; the investor is repaid with interest. True or False | True |
| Stock prices going up and consumers are optimistic. | Bull |
| As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa. | Law of Supply |
| : People's knowledge, efforts, and skills used in their work. | Human Resources |
| Goods produced and used to make other goods and services. | Capital Resources |
| The type of economy is based on customs and doing things the same as they have always been done in the past. | Traditional |
| : Economic system that is run by a central government or authority | Command |
| : This condition occurs when people's wants and needs exceed the resources available. | scarcity |
| The government dictates which resources will be used and where they will be used in which economy? | Command |
| : Combination of individual stocks. | Mutual Fund |
| : Stock prices are going down and consumers are pessimistic. | Bear |
| An individual’s need or desire for a good or service at a given price. | Demand |
| How much of a good or service a producer is willing and able to produce at different prices? | Suppy |
| The government and its regulations motivate the economy in a | Command |
| An economy that allows private economic freedom and centralized economic planning. | Mixed |
| In the United States economy, interstate highways, public water systems, and Medicare are all classified as | Government provided services |
| Gifts of Nature present without human intervention called | Natural Resources |
| How does a bull stock market impact the US Economy? | Americans will invest more money int he stock market |
| What do a mixed economy and a market economy have in common? | Competition in the Marketplace |
Created by:
scdroten
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