Podcast
Questions and Answers
Which economic system relies on bartering and trading, with little surplus produced?
Which economic system relies on bartering and trading, with little surplus produced?
In which economic system is all property publicly owned, and people are paid according to their abilities and needs?
In which economic system is all property publicly owned, and people are paid according to their abilities and needs?
Which economic system involves the means of production being privately owned and operated for profit?
Which economic system involves the means of production being privately owned and operated for profit?
Which type of economy has the government deciding everything and is mostly government controlled?
Which type of economy has the government deciding everything and is mostly government controlled?
Signup and view all the answers
Which economic system tends to discourage new ideas and new ways of doing things?
Which economic system tends to discourage new ideas and new ways of doing things?
Signup and view all the answers
Which economic system has no incentive to innovate and makes it harder to work?
Which economic system has no incentive to innovate and makes it harder to work?
Signup and view all the answers
What type of economic system is described as a combination of capitalistic economic freedom and principles of socialistic economic control?
What type of economic system is described as a combination of capitalistic economic freedom and principles of socialistic economic control?
Signup and view all the answers
Which of the following refers to the lack of resources and is one of the basic economic problems?
Which of the following refers to the lack of resources and is one of the basic economic problems?
Signup and view all the answers
What does the term 'inferior good' refer to?
What does the term 'inferior good' refer to?
Signup and view all the answers
In economics, what does the term 'ceteris paribus' mean?
In economics, what does the term 'ceteris paribus' mean?
Signup and view all the answers
What is the main reason for considering the population as a determinant of demand?
What is the main reason for considering the population as a determinant of demand?
Signup and view all the answers
What is the relationship between two complementary goods?
What is the relationship between two complementary goods?
Signup and view all the answers
What type of good is affected by the demonstration effect?
What type of good is affected by the demonstration effect?
Signup and view all the answers
What does the demand curve represent?
What does the demand curve represent?
Signup and view all the answers
What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?
What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?
Signup and view all the answers
Which economic system has all property publicly owned, and people are paid according to their abilities and needs?
Which economic system has all property publicly owned, and people are paid according to their abilities and needs?
Signup and view all the answers
What does the term 'ceteris paribus' mean in economics?
What does the term 'ceteris paribus' mean in economics?
Signup and view all the answers
Which economic system involves the means of production being privately owned and operated for profit?
Which economic system involves the means of production being privately owned and operated for profit?
Signup and view all the answers
What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?
What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?
Signup and view all the answers
Which economic system relies on bartering and trading, with little surplus produced?
Which economic system relies on bartering and trading, with little surplus produced?
Signup and view all the answers
What does the demand curve represent in economics?
What does the demand curve represent in economics?
Signup and view all the answers
What is the main reason for considering the population as a determinant of demand?
What is the main reason for considering the population as a determinant of demand?
Signup and view all the answers
What is the relationship between two complementary goods?
What is the relationship between two complementary goods?
Signup and view all the answers
What type of good is affected by the demonstration effect?
What type of good is affected by the demonstration effect?
Signup and view all the answers
What does the Production Possibility Frontier illustrate in economics?
What does the Production Possibility Frontier illustrate in economics?
Signup and view all the answers
What are the basic economic problems faced by traditional economies?
What are the basic economic problems faced by traditional economies?
Signup and view all the answers
What is the main characteristic of a planned economy or pure command economy?
What is the main characteristic of a planned economy or pure command economy?
Signup and view all the answers
What is the primary disadvantage of a traditional economy?
What is the primary disadvantage of a traditional economy?
Signup and view all the answers
Which economic system makes use of antiquated equipment, tools, and systems?
Which economic system makes use of antiquated equipment, tools, and systems?
Signup and view all the answers
What are the advantages of a planned economy or pure command economy?
What are the advantages of a planned economy or pure command economy?
Signup and view all the answers
In a market economy or pure market economy, who decides what to produce, how to produce, and for whom to produce?
In a market economy or pure market economy, who decides what to produce, how to produce, and for whom to produce?
Signup and view all the answers
