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POB FINAL EXAM REVIEW QUESTIONS WITH ANSWERS.
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POB FINAL EXAM REVIEW QUESTIONS WITH ANSWERS.POB FINAL EXAM REVIEW QUESTIONS WITH ANSWERS.
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POB FINAL EXAM REVIEW QUESTIONS WITHANSWERS.
Need - Correct answer Things that are necessary for survival
Wants - Correct answer Things not necessary for survival but which add comfort and
pleasure to our lives
Goods - Correct answer Things you can see and touch
Services - Correct answer Tasks that people or machines perform
Natural resources - Correct answer Raw materials produced by nature
Human resources - Correct answer the people who contribute physical and mental
energy to the production process
Capital resources - Correct answer are the tools, equipment, and buildings that are
used to produce goods and services
Entrepreneurial resources - Correct answer are the combining of natural, human, and
capital resources to produce goods and services. The basic economic problem exists
due to limited resources for satisfying unlimited needs and wants
Scarcity - Correct answer is not having enough resources to satisfy the unlimited needs
and wants
Traditionalism - Correct answer an economy in which people do things the way they
have always been done
Communism - Correct answer an economy in which the gov't makes ALL decisions
Socialism - Correct answer an economic system in which the gov't owns major
industries, but allows for private ownership of other business
Capitalism - Correct answer allows the freedom of consumption and production of
goods and services
Economic system - Correct answer where basic economic decisions are based on the
action of individual people and business participating in many different markets
Private Property - Correct answer can own, use, or dispose of things of value
Freedom of choice - Correct answer can make decisions independently and must
accept consequence of those decisions.
, Profit - Correct answer Money left from sales after all of the costs of operation a
business have been paid.
Competition - Correct answer the rivalry among business to sell their goods and
services
Consumers - Correct answer to decide what to buy, where to buy, from whom to buy
and what price we are willing to pay.
Producers - Correct answer determine what products and services will be available,
what needs and wants they will satisfy, and the prices they want to receive.
Demands - Correct answer is the quantity of goods or services that consumers are
willing and able to buy the market economy is based on the principles of supply and
demand
Supply - Correct answer Refers to the quantity of goods or service that businesses are
willing and able to provide
Market (equilibrium) price - Correct answer is the point where supply and demand are
equal.
GDP (Gross Domestic Product) - Correct answer is a country's total dollar value of all
final goods and services produced in one year
On summer spending - Correct answer Personal income: includes the total wages and
salaries plus investment payments to individual.
Retail sales - Correct answer include the sales of goods and services purchased
Investment activities - Correct answer the money used for capital projects comes from 3
main sources: 1. Personal savings 2. The stock market 3. The bond market
Prosperity - Correct answer Employment rate and demand for products and services
are high
Recession - Correct answer Unemployment rate is increasing and demand for products
and services are lowering
Depression - Correct answer Unemployment rate is high and demand for products and
services is lowering
Recovery - Correct answer Unemployment rate is lowering and demand for products
and services is increasing.
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