represents the exchange of goods and service in the economy

What is the Factor/Resource Market?

Money and labor are exchanged. Where the work is done.

The factor/resource market is where consumers buy goods.

The factor/resource market refers to the stock market.

The factor/resource market is a place for selling finished products.

Freedom, Efficiency, Equity, Security, Stability, and Growth

Freedom should be prioritized over Efficiency and Equity.

Efficiency is more important than Freedom and Equity.

Equity can be achieved without considering Freedom and Efficiency.

Free Enterprise System

A system where consumers are free to decide how to spend their incomes on good and services

A system where only large corporations control the economy.

A system that prohibits private property ownership.

A system where the government owns all businesses.

Who sets the prices in the Free Enterprise System?

Prices are set by supply and demand. The Market and the Consumer

Prices are fixed and do not change.

Prices are set by the government.

Prices are determined by a central authority.

Supply is the total amount of a good or service that producers are willing to produce at a given time.

Supply is the number of consumers interested in a product or service.

Supply refers to the demand for a product or service.

Supply is the total cost of producing a product or service.

What is Quantity Supplied.

The amount of a good or service that producers are willing and able to sell at a given price.

The total number of goods produced in a year.

The price at which a good is sold in the market.

The demand for a product at a specific price.

The Law of Supply states that higher prices lead to higher quantities supplied.

The Law of Supply suggests that higher prices result in lower quantities supplied.

The Law of Supply states that lower prices lead to higher quantities supplied.

The Law of Supply indicates that supply is unaffected by price changes.

Supply is the total amount of a product available for purchase.

Supply is the price at which a product is sold.

Supply refers to the demand for a product.

Supply is the total number of customers interested in a product.

What is a supply curve?

A supply curve is a graph that illustrates the relationship between price and quantity supplied.

A supply curve shows the total cost of production.

A supply curve is a table of prices and quantities.

A supply curve represents consumer preferences.

Shifts in Supply Curve

any movement right by supply or demand curve means increase.

Shifts in the supply curve are unrelated to production costs.

Shifts in the supply curve only occur due to government regulations.

Shifts in the supply curve are caused by changes in consumer preferences.

What is elastic supply?

Elastic supply is when the quantity supplied changes significantly in response to price changes.

Elastic supply means that the quantity supplied is not affected by price changes.

Elastic supply refers to a situation where supply decreases as prices increase.

Elastic supply is when the quantity supplied remains constant regardless of price changes.

What is inelastic supply?

Inelastic supply is when a change in a good's price has little impact on quantity supplied.

Inelastic supply means that the quantity supplied is highly responsive to price fluctuations.

Inelastic supply refers to a situation where supply can be easily adjusted to meet demand.

Inelastic supply is when the quantity supplied increases with price changes.

Demand is amount of a good or service that consumers are willing to buy at a given price and a given time.

Demand is the price consumers are willing to pay for goods.

Demand refers to the supply of goods available to consumers.

Demand is the total amount of goods produced in a market.

A change in the qty. demanded references a change in price of the product

A change in the quantity demanded refers to a change in the price of the product.

A change in the quantity demanded is unrelated to the price of the product.

A change in the quantity supplied refers to a change in the price of the product.

A change in the quantity demanded indicates an increase in consumer income.

Economics

Authored by Ms Neal

Life Skills

9th - 12th Grade

Used 2+ times

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28 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is efficiency?

Efficiency is the amount of waste produced in a process.

Use of the smallest amount of resources to produce the greatest amount of output.

Efficiency is the speed at which a process is completed.

Efficiency is the total input in a process.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Division of Labor/Specialization

Division of Labor/Specialization helps businesses to be more efficient.

Division of Labor/Specialization complicates tasks.

Division of Labor/Specialization reduces overall output.

Division of Labor/Specialization is irrelevant to productivity.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Specializing

Specializing is the process of generalizing skills.

Specializing means avoiding any specific field.

Specializing involves working in multiple areas at once.

Individuals who do one task many times a day are more proficient than someone doing 100 different tasks in a day

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Producers and consumers agree to provide one type of item in return for another.

Exchange

Barter

Money

Credit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Barter

Trade this for that and a little extra

Exchange of one good for another

Transaction

Barter

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit?

Credit is the ability to borrow money or access goods and services with the promise to repay in the future.

Credit is a form of currency used for online transactions.

Credit refers to the amount of cash one has in their bank account.

Credit is a type of investment that guarantees returns.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of currency expressed in terms of another

Exchange rate

Foreign exchange

Currency conversion

Monetary value

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Economics

What is efficiency?

Division of Labor/Specialization

Specializing

Producers and consumers agree to provide one type of item in return for another.

Barter

What is credit?

The value of currency expressed in terms of another

Stronger US Dollar means more importing and less

weaker US dollar means more exporting and

Product Market

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