Intro to Business - chapter 2 - Economic Resources and Systems

Front

An Economic Resource and an Economic System are basically the same.

Back

False

Front

How many factors of production are there?

Back

4

Front

There are 4 different types of economies.

Back

False

Front

A MARKET economy and a COMMAND economy do business the same way.

Back

False

Front

Competition between similar businesses is a basic characteristic in a Command Economy.

Back

False

Front

The EQUILIBRIUM price is the point where the quantity demanded and the quantity supplied meet.

Back

True

Front

The quantity of goods that producers are willing to provide at various prices is called the ________

Back

supply

Front

The quantity of goods that consumers are willing to buy at various prices is called the 

Back

demand

Front

The point at which the quantity demanded and the quantity supplied meet is called the __________ price.

Back

equilibrium

Front

In a command economy, key economic decisions are made by

Back

a central authority