Natural Resources and Labor Quiz

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Which of the following is NOT a typical job title for an economist?

Project economist

Financial analyst (correct)

Research analyst

Economic consultant

What type of data do economists typically use to organize economic data?

Surveys (correct)

Interviews

Case studies

Focus groups

Which degree is needed for entry-level jobs in economics?

Master degree in economics

Doctorate degree in economics

Bachelor degree in business administration

Bachelor degree in economics (correct)

What skills are required for economists according to the text?

Advanced computer and math skills Signup and view all the answers

Which of the following is essential for businesses to succeed according to the text?

Predicting market trends Signup and view all the answers

What do economists use to predict market trends according to the text?

Sampling to collect data Signup and view all the answers

What is the term for all the activities involved in developing and exchanging products?

Business Signup and view all the answers

What is a physical item that can be touched?

Product Signup and view all the answers

What do we call an individual or group who buys products?

Customer Signup and view all the answers

What type of utility is added when products are made available at the times that customers need and want them?

Time utility Signup and view all the answers

Which type of utility is added when it becomes easy for customers to acquire a product?

Possession utility Signup and view all the answers

What is the term for the skills used to communicate and work well with others?

Soft skills Signup and view all the answers

What does a need refer to?

Something a person must have in order to survive Signup and view all the answers

Which of the following factors of production refers to the products businesses use to produce other goods?

Capital Signup and view all the answers

What is the term for the process used to measure the benefits of a decision minus the costs associated with taking that action?

Cost-benefit analysis Signup and view all the answers

What is the term for the relative worth of something?

Value Signup and view all the answers

Which economic system is an organized way in which a nation chooses to use its resources to create goods and services?

Market economy Signup and view all the answers

What is the willingness and ability to start a new business known as?

Entrepreneurship Signup and view all the answers

What is created when something is given up in order to gain something else?

Trade-off Signup and view all the answers

What is the process of choosing an option after evaluating the available information and weighing the costs and benefits of the alternatives?

Systematic decision-making process Signup and view all the answers

What is the value of the next best option that was not selected?

Opportunity cost Signup and view all the answers

Which of the following represents the products businesses use to produce other goods?

Capital Signup and view all the answers

What refers to using scarce resources to create goods and services?

Economic system Signup and view all the answers

What does scarcity lead to according to the text?

Limited resources Signup and view all the answers

Which term refers to the imbalance of limited resources and unlimited wants?

Scarcity Signup and view all the answers

Which type of economy relies on economic decisions based on a society's values, culture, and customs?

Traditional economy Signup and view all the answers

In which type of economy does the government make all the economic decisions for its citizens?

Command economy Signup and view all the answers

Which type of economy is also known as free enterprise or private enterprise?

Market economy Signup and view all the answers

Which term refers to the economic system where the economic resources are privately owned by individuals rather than the government?

Capitalism Signup and view all the answers

In a market economy, how are prices determined?

By the forces of supply and demand Signup and view all the answers

What is another name for the US economic system?

Capitalism Signup and view all the answers

In a command economy, who owns and controls all the factors of production?

The government Signup and view all the answers

What is collusion in the context of business practices?

Working together to eliminate competition through misleading activities or price fixing Signup and view all the answers

What happens when the supply equals demand for a product in a market?

The equilibrium price is established Signup and view all the answers

What happens in a mixed economy?

The government and individuals make decisions about economic resources Signup and view all the answers

What do market forces include in a free enterprise system?

The profit motive and competition Signup and view all the answers

What is an example of collusion in business practices?

A situation in which businesses agree on a high selling price for their products Signup and view all the answers

What is the main reason businesses operate?

To earn a profit Signup and view all the answers

What are three economic benefits generated by businesses in an economy?

Employment, wages, and taxes Signup and view all the answers

List the four functions of business.

Production, finance, marketing, and management Signup and view all the answers

What does the term 'standard of living' refer to?

The level of material comfort measured by the goods, services, and luxuries available Signup and view all the answers

Which term refers to all business activities that involve money?

Finance Signup and view all the answers

What are the factors of production according to the text?

Land, labor, capital, and entrepreneurship Signup and view all the answers

What are the economic benefits provided by businesses?

Employment, standard of living determination, and taxes Signup and view all the answers

What is the difference between the consumer market and the business market?

Consumer market targets individuals while business market targets organizations Signup and view all the answers

What is the main role of management in a business?

To plan, coordinate, monitor the business, hire and train employees Signup and view all the answers

What does economics examine according to the text?

How goods and services are produced, sold, and used Signup and view all the answers

What are the factors of production used to make goods and services?

Natural resources, labor, capital goods, entrepreneurship Signup and view all the answers

Which term refers to the level of material comfort measured by the goods available?

Standard of living Signup and view all the answers

What does the law of supply and demand say about the relationship between the price of a product and the supply of that product?

The price of a product is determined by both the supply and demand for the product Signup and view all the answers

In a constant environment, how does the law of supply and demand apply?

It leads to stable prices of goods and services Signup and view all the answers

What happens when the demand for a product becomes greater than the available supply?

The price increases due to shortage Signup and view all the answers

What is the market price of a product?

The point at which the supply and demand are equal Signup and view all the answers

How does an increase in supply generally impact the prices of products?

Decreases prices due to surplus Signup and view all the answers

What does the demand curve show about consumer willingness to buy goods?

As prices increase, consumers are willing to buy fewer goods Signup and view all the answers

How does a weak economy typically impact consumer demand for products?

It decreases consumer demand for products Signup and view all the answers

What happens when the demand for a product becomes less than the available supply?

The price decreases due to surplus Signup and view all the answers

What term is used for any number that results in a negative number when squared?

Imaginary numbers Signup and view all the answers

What is profit motive?

One reason people choose to start and expand businesses Signup and view all the answers

What does competition among businesses in a free enterprise system mean?

Businesses compete to attract the same customers Signup and view all the answers

What is profit?

The difference between income earned and expenses incurred by a business Signup and view all the answers