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QR Challenge: Economics - Business & Marketing 2017

QuestionAnswer
1. Economics is the study of how individuals and societies make choices to satisfy their needs and wants under the condition of ___________________.
2.When you graduate from high school you have the decision to go to VCU to study international business or take a full time job with your dad’s company. You decide to take the job. What is your opportunity cost?
3.What is the difference between a need and a want? Give an example of both.
4.What are the four factors of production? Give an example of all four:
5.What is the decision making process?
6.Why should consumers follow the decision making process?
7.What are the 3 basic economic questions?
8.What are the four economic systems?
9.Which economic system does not 100% exist?
10.In which economic system does the government answer the 3 basic economic questions?
11.____________________ is an example of a command economy.
12.____________________ is an example of a mixed economy.
13.What is an advantage and disadvantage of a traditional economy?
14.What is an advantage and disadvantage of a market economy?
15.Supply is a _______________________________________________.
16.Demand is a ______________________________________________.
17.If the price of milk goes up, what will happen to the supply of Dairy Queen Blizzards?
18.If bell bottom jeans come back into style, what will happen to the demand for bell bottom jeans?
19.If the price of Chipotle goes down, what will happen to the demand for Chipotle?
20.If 80% of the avocados die from odd weather conditions what will happen to the supply of guacamole?
21. The ________________ is the point where supply equals demand.
22.What factors may change or impact supply?
23.What factors many change or impact demand?
24.When there is too much of a good or service a ___________________ exists.
25.When there is too little of a good or service a ____________________ exists.
26.The law of demand states that when prices go up, consumers want ______________ of it. When the prices go down, consumers want ___________________ of it.
27.The law of supply states that when prices go up, supplies will want to sell _______________ of it. When the prices go down, suppliers will want to sell ___________________ of it.
28.A __________________ is a good that is a connected good to something else. Meaning that if the demand for product A increases, the demand for product B will also increase.
29.A __________________ is a good that is considered a competitor. Meaning that if product B experiences a decrease in demand, the demand for product B will likely increase.

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