Question | Answer |
1. Economics is the study of how individuals and societies make choices to satisfy their needs and wants under the condition of ___________________. |
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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. | |