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Economics

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Juliet McCullough

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Cards in this guide (18)
Economics is about allocating resources for doing which of the following processes involving goods and services

Production and distribution

Why does the free-market system follow a circular flow model

consumers

The free choices made by consumers and producers influence each other.

Which of the following best explains why the game of economics cannot eliminate scarcity

There are not enough resources to produce all of the goods and services that everyone wants.

What cannot be done by the government in a command economy

deciding what goods consumers buy

Which of the following is not an economic goal

Victory

What best describes the incentive for producers to conduct market research

The desire to know what consumers want.

Which of the following best explains why the circular flow model characterizes the free-market system

Consumers and producers influence each other in a circular fashion.

What questions must be asked about the use of resources in an economic system

What is the most effective allocation?APEX!

Which of the following is a reason why peer pressure influences consumers

People often compare themselves to others.

In the game of economics workers play a double role functioning as both consumers and

In the game of economics, workers play a double role, functioning as both consumers and producers
Consumers and producers

In a freemarket system consumers let producers know what they want to buy and how much theyre willing to pay through what

Their purchases.

Which of the following is essential part of making rational choice

Doing cost-benefit analysis

Which best describes a situation where the goal growth is being pursued

The government establishes a retirement program for its citizens.

Which of the following is an example of a production decision ...

Science can be used to predict the effects of the dam on wildlife.

Which of the following is another term for a planned economy

socialist system

What Of The Following is an essential part of making a rational choice

doing cost benefit analysis

Economics is about doing with the resources when it comes to the production and distribution of goods and services

Allocating Apex

Which if the following is not a goal pursued in the game of economics

Stagnation

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