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Module 6 Post Assess

Module 6

QuestionAnswer
A(n) ______________ is the method used by a country to determine how best to influence trade and production of goods and services to meet the wants and needs of its people. economic system
In Country A, the type of job a person does is based on custom. Which economic system does this represent? traditional
What product does the government provide the household? services
______________ is the want, willingness, and resources to buy a good or service. demand
The price of gasoline has dropped. Gasoline is a complement to cars. A complement is an item that can be used with another item. How does the lower price of gasoline impact the demand for cars? The demand for cars increases.
A ______________ is when two or more businesses come together that produce the same product. horizontal merger
Business A sells beauty products. Business A has decided to purchase two other companies; one that sells pharmaceuticals and one that sells medical supplies. Which type of merger is this describing? conglomerate
In a perfectly competitive market, there are many businesses offering the exact same good or service. There is plenty of information shared on the price of goods and services to consumers and businesses. How does this affect the price of products? The price of goods is based on the market equilibrium price.
When limited resources prevent us from producing all of the goods and services we want or need we experience ______________________. scarcity
You have enough money to buy either a new pair of shoes or a new set of headphones. By choosing either the new pair of shoes or the new headphones, you have made a ________________. trade-off
You have to choose between a bag of chips or a box of cookies. You choose the box of cookies. By making that choice, you have lost the option for a salty snack. The loss of a salty snack is the economic sacrifice known as the ___________________. oppurtunity cost
The four factors of production include Land, Labor, Capital, Entrepreneurship
Created by: Rhiana311
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