TTU Economics Final (Quizzes) Soph -Mende | Baamboozle - Baamboozle

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A can of soup is an example of aA. durable good.B. nondurable good.C. capital good.D. service.

B. nondurable good.

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Which of these statements describes a disadvantage of a traditional economy?A. Everyone knows his or her role.B. New ways of doing things are encouraged.C. New ways of doing things are discouraged.D. Difficult economic decisions a...

C. New ways of doing things are discouraged.

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Protection from layoffs, illnesses, injuries or disabilities falls under the goal ofA. economic equity.B. economic efficiency.C. economic growth.D. economic security.

D. economic security.

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where all of the factors of productions are bought and sold

factor market

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quality of life

standard of living

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a fundamental problem in every society

scarcity

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market economy in which people freely carry on economic affairs but are subject to some government regulation

mixed economy

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movement that promoted the rights of buyers

consumerism

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measures a country's output and economic health

gross domestic product

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each worker learns one task very well

specialization

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reliance on others to produce goods and services we need

economic interdependence

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represents the range of production possibilities

production possibilities curve

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food is an example of this

nondurable good

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manufactured good used to produce other goods or services

capital good

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Describe a situation in which a provider of a good or service could be reasonably certain that raising the price on an item would increase revenue

A provider of a good or service could be reasonably sure that raising the price on an item would increase revenue when they are the only company that...

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Do you think you would prefer to work in an economy with secure employment with uniform wages for different occupations or an economy with some employment risk and different wages for different skills, abilities, and occupations?...

I prefer to work in an economy with some employment risk and different wages for different skills, abilities, and occupations. I want to be rewarded f...

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