MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved
natural resources land, forests, minerals, water, and other things that are not made by
people
human resources (labor) the physical and mental abilities that people use to produce goods
and services
financial resources the funds used to acquire the natural and human resources needed to
provide products
economic system a description of how a particular society distributes its resources to
produce goods and service
communism first described by Karl Marx as a society in which the people, without regard
to class, own all the nation's resources
socialism an economic system in which the government owns and operates basic
industries but individuals own most businesses
, MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved
capitalism (free enterprise) an economic system in which individuals own and operate the
majority of businesses that provide goods and services
free-market system pure capitalism, in which all economic decisions are made without
government intervention
mixed economies economies made up of elements from more than one economic system
demand the number of goods and services that consumers are willing to buy at different
prices at a specific time
supply the number of products-goods and services- that businesses are willing to sell at
different prices at a specific time
equilibrium price the price at which the number of products that businesses are willing to
supply equals the amount of products that consumers are willing to buy at a specific point in time
, MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved
competition the rivalry amount businesses for consumers' dollars
pure competition the market structure that exists when there are many small businesses
selling one standardized product
monopolistic competition the market structure exists when there are fewer businesses than
in a pure-competition environment and the differences among the goods they sell are small
oligopoly the market structure that exists when there are very few businesses selling a
product
monopoly the market structure that exists when there is only one business providing a
product in a given market
economic expansion the situation that occurs when an economy is growing and people are
spending more money; their purchases stimulate the production of goods and services, which in
turn stimulates employment
Solutions 100% Solved
natural resources land, forests, minerals, water, and other things that are not made by
people
human resources (labor) the physical and mental abilities that people use to produce goods
and services
financial resources the funds used to acquire the natural and human resources needed to
provide products
economic system a description of how a particular society distributes its resources to
produce goods and service
communism first described by Karl Marx as a society in which the people, without regard
to class, own all the nation's resources
socialism an economic system in which the government owns and operates basic
industries but individuals own most businesses
, MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved
capitalism (free enterprise) an economic system in which individuals own and operate the
majority of businesses that provide goods and services
free-market system pure capitalism, in which all economic decisions are made without
government intervention
mixed economies economies made up of elements from more than one economic system
demand the number of goods and services that consumers are willing to buy at different
prices at a specific time
supply the number of products-goods and services- that businesses are willing to sell at
different prices at a specific time
equilibrium price the price at which the number of products that businesses are willing to
supply equals the amount of products that consumers are willing to buy at a specific point in time
, MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved
competition the rivalry amount businesses for consumers' dollars
pure competition the market structure that exists when there are many small businesses
selling one standardized product
monopolistic competition the market structure exists when there are fewer businesses than
in a pure-competition environment and the differences among the goods they sell are small
oligopoly the market structure that exists when there are very few businesses selling a
product
monopoly the market structure that exists when there is only one business providing a
product in a given market
economic expansion the situation that occurs when an economy is growing and people are
spending more money; their purchases stimulate the production of goods and services, which in
turn stimulates employment
