FREE MANAGEMENT AND STUDY GAMES ABOUT EC-907

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FREE MANAGEMENT AND STUDY GAMES ABOUT EC-907

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -27 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Financial capital

Answer:

money needed to operate a business

Question 2: Central planning

Answer:

Detailed economics processes and goals developed by government usually associated with communist economics

Question 3: Competition

Answer:

The rivalry between two or more businesses to attract scarce customer dollars

Question 4: Mixed economy

Answer:

an economic system in which elements of market and socialist command economies are combined

Question 5: Medium of exchange

Answer:

something of value that can be used to obtain goods and services; most common form is money

Question 6: Production

Answer:

the economic process or activity of producing goods and services

Question 7: Industrial Goods

Answer:

Tangible items that will be consumed by industrial users

Question 8: Consumers

Answer:

people who use goods and services to satisfy their wants

Question 9: Consumer goods

Answer:

tangible items produced for personal use

Question 10: capital goods

Answer:

manufactured or constructed items that are used to produce goods and services

Question 11: Economic vote

Answer:

Term used to describe consumer approval of products expressed by the purchase of products

Question 12: Human recourses programs

Answer:

benefits such as free Medicare, education, and financial assistance that are provided by a government

Question 13: Natural Recourses

Answer:

Items that are found in nature and use to produce goods and services

Question 14: Communism

Answer:

A command economic system in which the government controls the economic system and does not allow private of the means of production and distribution

Question 15: Human recourses

Answer:

people who work to produce goods and services

Question 16: Government

Answer:

A country arrangements for making and enforcing laws

Question 17: Markets

Answer:

Arrangements for the buying and selling of goods and services

Question 18: Demand

Answer:

The quantity of a good or service that buyers are ready to buy at a given price at a particular time

Question 19: Command economy

Answer:

Detailed process and goals developed by government; usually associated with communist's economics

Question 20: Economic recourses

Answer:

The human and natural recourses and capital goods used to produce goods and services ; also known as factors of production

Question 21: Distrobution

Answer:

The process or activity by which income is divided among recourse owners and producers

Question 22: Market economy

Answer:

An economy system in which the questions of what, how, and for whom products will be produced are answered by individuals and businesses in the marketplace

Question 23: Economic system

Answer:

the organized way in which a country handles its economic decisions and solves its economic problems

Question 24: Interdependent

Answer:

Influencing or relying on one another

Question 25: Profit

Answer:

Monetary reward a business

Question 26: Means of production

Answer:

All the resources required in the production of goods and services

Question 27: Producers

Answer:

the people who make or provide goods and services