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Lesson 1: The Foundations of Economy Revision - Producers and Consumers

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Lesson 1: The Foundations of Economy Revision - Producers and Consumers

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Questions and Answers

What is the term used to describe the system of production, distribution, and consumption of goods and services in a society or a country?

Market

Entrepreneurship

Economy (correct)

Capitalism

In market economics, what happens when there is a limited quantity of a good in high demand?

The price remains unchanged

The price decreases

The price becomes unpredictable

The price increases (correct)

What is defined as the number of people who want to buy a particular product in the context of supply and demand?

Equilibrium

Resources

Scarcity

Demand (correct)

If producers see that people want a certain good, what action do they typically take based on the text?

Increase production Signup and view all the answers

In the context of market economics, what happens to the price of a good when its demand decreases significantly?

Price decreases Signup and view all the answers

What may lead to a decrease in supply according to the text?

Government regulations restricting production Signup and view all the answers

Which factor can cause an increase in demand for a product?

Rising popularity of the product Signup and view all the answers

How does technology influence supply according to the text?

Increases production capacity Signup and view all the answers

What is NOT a factor affecting supply according to the text?

Consumer income Signup and view all the answers

Which factor can reduce the demand for a product based on the text?

Expensive price of related goods Signup and view all the answers

What are some factors that can influence the supply of a product?

Cost of Production, Technology, Government Regulation, Number of Sellers Signup and view all the answers

What are some factors that can influence the demand for a product?

Consumer Income, Price of Related Goods, Tastes and Preferences, Advertising Signup and view all the answers

How can a company increase the demand for its product?

Good Taste, Attractive Advertisement Signup and view all the answers