third nine weeks

Question 1

In the circular flow, what do households provide

Answer 1

resources ; income

Question 2

In the circular flow what does business provide

Answer 2

products ; profit

Question 3

In the circular flow, what do businesses provide

Answer 3

Taxes ; public gds/svs

Question 4

In a mixed economy, economic decisions are made by

Answer 4

Household, business and government

Question 5

In a command economy, economic decisions are made by

Answer 5

Central Authority

Question 6

characteristic of a market economy

Answer 6

competition, sovereignty, and make income

Question 7

characteristic of a command economy

Answer 7

no profit, no competition, no choices

Question 8

Economic philosopher in 19th century influced the market economy and who came up with laissez fare

Answer 8

Adam Smith

Question 9

Government role of market economy

Answer 9

Market Protector and Market Provider

Question 10

Economic philosopher who influenced command economy

Answer 10

Karl Marx

Question 11

A consumer desire, ability, and willingness to buy a produce at a given price is known as

Answer 11

Demand

Question 12

A producers desire, ability, and willingness to produce a product at a given price is known as

Answer 12

Supply

Question 13

The measure of changes in quantity demanded or supplied when price changes is known as

Answer 13

Elasticity

Question 14

Which are the reasons the government intervenes in the economy

Answer 14

Inadequate Information
Inadequate Competition
Correcting Externaility
Resource Immobility
Provide public services/goods

Question 15

in a competitive market place price is determined by

Answer 15

Supply and Demand

Question 16

Goods that producers can not quickly increase their supply because they require a lot of capital and skilled labor

Answer 16

inelastic

Question 17

Characteristic of oligopolistic market structure

Answer 17

few companies, advertise, hard to get in, product can be differentiation or similar, one cut price the others cut to

Question 18

Characteristic of monopolistic competition market structure

Answer 18

large # of buyers and sellers, product differentiation, products made to attract buyers

Question 19

Characteristic of a monopoly market structures

Answer 19

No competition

Question 20

What market structure(s) is needed for advertisement

Answer 20

monopolistic and oliogopoltic