Economics

In economics, what word is used to describe the act of using goods or services to satisfy wants?

In economics, what word is used to describe the act of using goods or services to satisfy wants?

In economics, what word is used to describe the act of using goods or services to satisfy wants?

▸ production

▸ shopping

▸ consumption

▸ investment

▸ purchasing power

mylesnagop   33   1 Reply

ixi12

-9 shows the circular flow of income.FIGURE 1-9Refer to Figure 1-9. In the circular flow of ...

-9 shows the circular flow of income.FIGURE 1-9Refer to Figure 1-9. In the circular flow of ...

[html]Figure 1-9 shows the circular flow of income.

bmh12e   82   1 Reply

sania24

-10 shows the circular flow of income.FIGURE 1-10Refer to Figure 1-10. In the circular flow ...

-10 shows the circular flow of income.FIGURE 1-10Refer to Figure 1-10. In the circular flow ...

[html]Figure 1-10 shows the circular flow of income.

nyah95   51   1 Reply

carolyne254

-11 shows the circular flow of income.FIGURE 1-11Refer to Figure 1-11. In the circular flow ...

-11 shows the circular flow of income.FIGURE 1-11Refer to Figure 1-11. In the circular flow ...

[html]Figure 1-11 shows the circular flow of income.

RHCP12   49   1 Reply

dmp7474

With reference to the circular flow of income, how is the allocation of resources largely decided?

With reference to the circular flow of income, how is the allocation of resources largely decided?

[html]With reference to the circular flow of income, how is the allocation of resources largely decided?

▸ by firms and individuals acting independently

▸ by individuals only

▸ by central authorities only

▸ by political parties and firms only

▸

kyaramarie318   45   1 Reply

tulipfiasco

The key decision makers in a market economy are

The key decision makers in a market economy are

[html]The key decision makers in a market economy are

▸ large corporations and labour organizations.

▸ governments and all institutions under government control.

▸ individuals, non-profit organizations, and the Bank of Canada.

▸ corporations and

mombefor78   40   1 Reply

frithne

Economists usually assume that individuals and firms, respectively, maximize

Economists usually assume that individuals and firms, respectively, maximize

Economists usually assume that individuals and firms, respectively, maximize

▸ utility and profits.

▸ expenditures and profits.

▸ income and sales.

▸ savings and profits.

▸ wages and revenues.

salonijainnn   49   1 Reply

Juke72

Which of the following is illustrated by the circular flow of income?

Which of the following is illustrated by the circular flow of income?

[html]Which of the following is illustrated by the circular flow of income?

▸ the interaction of individuals and firms through the factors and goods markets

▸ that firms own the factors of production

▸ the flows of expenditures and income in a hou

Flaco69   31   1 Reply

Dratini

Which of the following represents a typical "real" flow (as opposed to a financial flow) in the ...

Which of the following represents a typical "real" flow (as opposed to a financial flow) in the ...

[html]Which of the following represents a typical "real" flow (as opposed to a financial flow) in the circular flow of income?

▸ goods going from producers to consumers

▸ factor services going from producers to consumers

▸ goods going from consume

shahabkhon   66   1 Reply

9quatroquatro9

If some income earned by households is not spent on output, or if some income earned by firms is not ...

If some income earned by households is not spent on output, or if some income earned by firms is not ...

If some income earned by households is not spent on output, or if some income earned by firms is not spent on factor services, the circular flow of income will

▸ expand.

▸ contract.

▸ stop.

▸ run over.

▸ explode.

tawhid111   50   1 Reply

doquangnhat

The famous economist who first described the division of labour was

The famous economist who first described the division of labour was

The famous economist who first described the division of labour was

▸ Karl Marx.

▸ John Maynard Keynes.

▸ Adam Smith.

▸ David Ricardo.

▸ Milton Friedman.

primewire   60   1 Reply

bodie1980

A basic underlying point in economics is that

A basic underlying point in economics is that

[html]A basic underlying point in economics is that

▸ governments should satisfy the needs of the people.

▸ people have limited wants in the face of limited resources.

▸ governments should never interfere in the workings of a market economy.

▸ pe

Cwds613   51   1 Reply

lyssa1605

Which of the following statements about specialization and trade are correct?

Which of the following statements about specialization and trade are correct?

[html]Which of the following statements about specialization and trade are correct?

▸ They developed only where government and political institutions were stable.

▸ They occur only in the private sector.

▸ They exist only in capitalist economies.

punkybrewster   48   1 Reply

iffn23

If an economy exhibits the specialization of labour, we know that

If an economy exhibits the specialization of labour, we know that

[html]If an economy exhibits the specialization of labour, we know that

▸ most production is artisanal in nature.

▸ different individuals are producing different products.

▸ each worker is self-sufficient.

▸ job security is ensured.

▸ a barter e

Rosa   45   1 Reply

lyssa1605

Which of the following statements best describes a barter system of exchange?

Which of the following statements best describes a barter system of exchange?

[html]Which of the following statements best describes a barter system of exchange?

▸ It developed late in history.

▸ It requires the use of money.

▸ It eliminates the transactions costs involved in exchange.

▸ It is the most efficient form of ex

j22   40   1 Reply

alpha987

Specialization of labour led to greater efficiency in the allocation of resources because of

Specialization of labour led to greater efficiency in the allocation of resources because of

[html]Specialization of labour led to greater efficiency in the allocation of resources because of

▸ an increase in total work effort.

▸ the principle of comparative advantage.

▸ the use of barter.

▸ the opportunity cost of labour increased.

▸ g

Anthonyling   43   1 Reply

jordankites45

A greater specialization of labour leads to which of the following major results?

A greater specialization of labour leads to which of the following major results?

[html]A greater specialization of labour leads to which of the following major results?

▸ The circular flow of income contracts.

▸ Each worker must become more self-sufficient.

▸ There is a greater need for trade.

▸ The overall output of the econ

make7upurs   39   1 Reply

relisabeth

A farmer selling tomatoes and corn at a roadside, and a currency trader in Hong Kong are each participating in

A farmer selling tomatoes and corn at a roadside, and a currency trader in Hong Kong are each participating in

A farmer selling tomatoes and corn at a roadside, and a currency trader in Hong Kong are each participating in

▸ an involuntary transaction.

▸ flexible manufacturing.

▸ international trade.

▸ barter.

▸ a market.

dex0388   46   1 Reply

Omfgtimmy

Which of the following has most contributed to the globalization of the economy?

Which of the following has most contributed to the globalization of the economy?

[html]Which of the following has most contributed to the globalization of the economy?

▸ reductions in transportation and communication costs

▸ the decline in the relative importance of manufacturing

▸ tariffs and trade barriers

▸ the decreased i

edelynpl   40   1 Reply

ricyoung

Which of the following results from the introduction of money for use in transactions?

Which of the following results from the introduction of money for use in transactions?

[html]Which of the following results from the introduction of money for use in transactions?

▸ self-sufficiency is assured

▸ the specialization of labour becomes more difficult

▸ an increased use of barter

▸ society is able to satisfy all wants

gisellerol   34   1 Reply

evgenome

The barter system of exchange is inefficient because

The barter system of exchange is inefficient because

[html]The barter system of exchange is inefficient because

▸ markets do not exist.

▸ exchange partners need to know each other.

▸ "fair" values cannot be defined without the use of money.

▸ the double coincidence of wants may not exist.

▸ bargai

mars03   35   1 Reply

babolat00

Which of the points below are true of money?1) Money eliminates the need for barter.2) Money allows ...

Which of the points below are true of money?1) Money eliminates the need for barter.2) Money allows ...

[html]Which of the points below are true of money?
1) Money eliminates the need for barter.
2) Money allows for specialization of labour and expansion of trade.
3) Money facilitates the development of a market economy.
4) Trade di

nikki1992   42   1 Reply

jasm

Which of the following best describes the study of economics?

Which of the following best describes the study of economics?

[html]Which of the following best describes the study of economics?

▸ why resources are scarce

▸ how to distribute income as equally as possible

▸ how to plan an economy

▸ the allocation of scarce resources among alternative uses

▸ how to limit

conrad136   48   1 Reply

melswhi1

Money facilitates trade and specialization by

Money facilitates trade and specialization by

[html]Money facilitates trade and specialization by

▸ increasing the value of gold.

▸ allowing an efficient barter system to develop.

▸ reducing the shift of resources between uses.

▸ eliminating the need for barter.

▸ providing employment for c

arunasingh5   42   1 Reply

p071304

An economic system that relies primarily upon custom and habit in economic decision making is referred to as a

An economic system that relies primarily upon custom and habit in economic decision making is referred to as a

An economic system that relies primarily upon custom and habit in economic decision making is referred to as a

▸ command system.

▸ market system.

▸ mixed system.

▸ traditional system.

▸ communist system.

jscubs1   44   1 Reply

HCho0

In practice, the term "centrally planned economy" refers to an economy in which

In practice, the term "centrally planned economy" refers to an economy in which

[html]In practice, the term "centrally planned economy" refers to an economy in which

▸ the government makes ALL production and consumption decisions.

▸ all commodities are rationed.

▸ economic decisions are made in the geographic centre of the co

salonijainnn   35   1 Reply

vicky12345

Karl Marx argued that

Karl Marx argued that

[html]Karl Marx argued that

▸ a free-market system would produce a low level of total output.

▸ technological change was not important in improving living standards.

▸ the unfettered market system driven by self-interest leads to the best social o

ang359   32   1 Reply

sania24

When discussing types of economic systems, the Canadian economy is best described as

When discussing types of economic systems, the Canadian economy is best described as

When discussing types of economic systems, the Canadian economy is best described as

▸ a mixed economic system.

▸ a command economy.

▸ primarily a public ownership economy.

▸ primarily free-market decision making.

▸ traditional.

pinkkurage   42   1 Reply

browntown345

With regard to various economic systems, most economists agree that

With regard to various economic systems, most economists agree that

[html]With regard to various economic systems, most economists agree that

▸ government intervention in the economy is only justified in time of war.

▸ most production and consumption decisions are more efficiently coordinated by markets than throug

mmi   22   1 Reply

Cow5215

Which countries have mostly public ownership of resources?

Which countries have mostly public ownership of resources?

Which countries have mostly public ownership of resources?

▸ Cuba and North Korea

▸ Brazil and Argentina

▸ United States and Canada

▸ Sweden and Norway

▸ France and Germany

shaester   23   1 Reply

snowcat012

Behaviour in free-market economies is

Behaviour in free-market economies is

[html]Behaviour in free-market economies is

▸ random and unpredictable.

▸ mostly directed by self-interest.

▸ mostly affected by elements of tradition and government command.

▸ determined by a central authority.

▸ based primarily on custom and h

Jbranson87   26   1 Reply

anikamazumder

In command economies, economic behaviour is

In command economies, economic behaviour is

[html]In command economies, economic behaviour is

▸ directed by individual self-interest.

▸ largely affected by elements of tradition and market incentives.

▸ largely determined by a central authority.

▸ random and unpredictable.

▸ based primari

malhi101   23   1 Reply

GlitterBug11

In mixed economies, economic behaviour is

In mixed economies, economic behaviour is

[html]In mixed economies, economic behaviour is

▸ based primarily on custom and habit.

▸ largely determined by a central authority.

▸ random and unpredictable.

▸ directed only by self-interest.

▸ affected by elements of tradition, government com

tacobeo   22   1 Reply

p071304

Economics can best be described as

Economics can best be described as

[html]Economics can best be described as

▸ the study of the use of scarce resources to satisfy unlimited human wants.

▸ a normative science.

▸ the study of how a society ought to allocate its resources.

▸

NinjaRick   29   1 Reply

gsh2571

In traditional economies, economic behaviour is

In traditional economies, economic behaviour is

[html]In traditional economies, economic behaviour is

▸ random and unpredictable.

▸ affected by elements of tradition, government command, and market incentives.

▸ directed only by self-interest.

▸ based primarily on custom and habit.

▸ largely

gyoku2302   30   1 Reply

jbee

Complex economic plans for many economic sectors are most associated with a

Complex economic plans for many economic sectors are most associated with a

Complex economic plans for many economic sectors are most associated with a

▸ traditional economy.

▸ feudal system.

▸ mixed market system.

▸ command economy.

▸ free-market system.

lovepink1122   26   1 Reply

Jaynie

Most modern economies in the world today

Most modern economies in the world today

[html]Most modern economies in the world today

▸ have a mix of traditional, command and market elements.

▸ are complex systems that defy description and analysis.

▸ are mostly run by government decree.

▸ have pure market exchange.

▸ are similar

omaralnatour   30   1 Reply

john august t

In the current Canadian economy, the majority of choices on how resources are allocated are made by

In the current Canadian economy, the majority of choices on how resources are allocated are made by

[html]In the current Canadian economy, the majority of choices on how resources are allocated are made by

▸ consumers and firms through the price system.

▸ the various levels of government.

▸ negotiation between unions and firms.

▸ legal contract

dalvirb   36   1 Reply

awbradshaw

Comparison of economic systems indicates that

Comparison of economic systems indicates that

[html]Comparison of economic systems indicates that

▸ socialist economies are clearly superior in producing consumer goods.

▸ capitalist economies are clearly superior in distributing income.

▸ all countries have largely traditional economies.

▸

tunisia81   25   1 Reply

bruce2710

Many economies in central and Eastern Europe, including the countries of the former Soviet Union, ...

Many economies in central and Eastern Europe, including the countries of the former Soviet Union, ...

[html]Many economies in central and Eastern Europe, including the countries of the former Soviet Union, are still in the process of moving from a command economy to a market economy. In the first years of this transition, most of these countries expe

hussainizzle   33   1 Reply

aupadhay287