Economics and Personal Finance Exam One

Front

The value of your next best alternative whenever you make a choice is called

Back

opportunity cost

Front

An economy in which the government tells you what to produce is a

Back

command economy

Front

Things that are not necessary for survival, but add comfort to your life is

Back

wants

Front

The contest among sellers to win customers is

Back

competition

Front

A mixed economy is a mixture of a market economy with some aspects of a

Back

command economy

Front

A purchase made on a whim without using a decision make process is a(n)

Back

impulse purchase

Front

Tribes in remote areas still live in a

Back

traditional economy

Front

The situation in which unlimited wants exceed the limited resources available to fulfill those wants is

Back

scarcity

Front

Advertising that educates you about a products qualities is called

Back

informative advertising

Front

A person's life-span goals change as he or she learns and grows

Back

True