Natural Resources and Labor Quiz
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Questions and Answers

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?

    <p>Advanced computer and math skills</p> Signup and view all the answers

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

    <p>Predicting market trends</p> Signup and view all the answers

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

    <p>Sampling to collect data</p> Signup and view all the answers

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

    <p>Business</p> Signup and view all the answers

    What is a physical item that can be touched?

    <p>Product</p> Signup and view all the answers

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

    <p>Customer</p> 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?

    <p>Time utility</p> Signup and view all the answers

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

    <p>Possession utility</p> Signup and view all the answers

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

    <p>Soft skills</p> Signup and view all the answers

    What does a need refer to?

    <p>Something a person must have in order to survive</p> Signup and view all the answers

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

    <p>Capital</p> 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?

    <p>Cost-benefit analysis</p> Signup and view all the answers

    What is the term for the relative worth of something?

    <p>Value</p> 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?

    <p>Market economy</p> Signup and view all the answers

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

    <p>Entrepreneurship</p> Signup and view all the answers

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

    <p>Trade-off</p> 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?

    <p>Systematic decision-making process</p> Signup and view all the answers

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

    <p>Opportunity cost</p> Signup and view all the answers

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

    <p>Capital</p> Signup and view all the answers

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

    <p>Economic system</p> Signup and view all the answers

    What does scarcity lead to according to the text?

    <p>Limited resources</p> Signup and view all the answers

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

    <p>Scarcity</p> Signup and view all the answers

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

    <p>Traditional economy</p> Signup and view all the answers

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

    <p>Command economy</p> Signup and view all the answers

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

    <p>Market economy</p> 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?

    <p>Capitalism</p> Signup and view all the answers

    In a market economy, how are prices determined?

    <p>By the forces of supply and demand</p> Signup and view all the answers

    What is another name for the US economic system?

    <p>Capitalism</p> Signup and view all the answers

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

    <p>The government</p> Signup and view all the answers

    What is collusion in the context of business practices?

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

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

    <p>The equilibrium price is established</p> Signup and view all the answers

    What happens in a mixed economy?

    <p>The government and individuals make decisions about economic resources</p> Signup and view all the answers

    What do market forces include in a free enterprise system?

    <p>The profit motive and competition</p> Signup and view all the answers

    What is an example of collusion in business practices?

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

    What is the main reason businesses operate?

    <p>To earn a profit</p> Signup and view all the answers

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

    <p>Employment, wages, and taxes</p> Signup and view all the answers

    List the four functions of business.

    <p>Production, finance, marketing, and management</p> Signup and view all the answers

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

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

    Which term refers to all business activities that involve money?

    <p>Finance</p> Signup and view all the answers

    What are the factors of production according to the text?

    <p>Land, labor, capital, and entrepreneurship</p> Signup and view all the answers

    What are the economic benefits provided by businesses?

    <p>Employment, standard of living determination, and taxes</p> Signup and view all the answers

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

    <p>Consumer market targets individuals while business market targets organizations</p> Signup and view all the answers

    What is the main role of management in a business?

    <p>To plan, coordinate, monitor the business, hire and train employees</p> Signup and view all the answers

    What does economics examine according to the text?

    <p>How goods and services are produced, sold, and used</p> Signup and view all the answers

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

    <p>Natural resources, labor, capital goods, entrepreneurship</p> Signup and view all the answers

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

    <p>Standard of living</p> 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?

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

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

    <p>It leads to stable prices of goods and services</p> Signup and view all the answers

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

    <p>The price increases due to shortage</p> Signup and view all the answers

    What is the market price of a product?

    <p>The point at which the supply and demand are equal</p> Signup and view all the answers

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

    <p>Decreases prices due to surplus</p> Signup and view all the answers

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

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

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

    <p>It decreases consumer demand for products</p> Signup and view all the answers

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

    <p>The price decreases due to surplus</p> Signup and view all the answers

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

    <p>Imaginary numbers</p> Signup and view all the answers

    What is profit motive?

    <p>One reason people choose to start and expand businesses</p> Signup and view all the answers

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

    <p>Businesses compete to attract the same customers</p> Signup and view all the answers

    What is profit?

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

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