The Production possibilities curve shows

The level of production of two goods

all economic systems do this

distribution of goods and services

one benefit of the free enterprise system is

amount of choices for consumers

studbud

Economics Six Weeks Review

17 termsStudBud Administration44 plays

Economics six weeks review

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
Can you produce to the right of the PPC Curve
yes
no
2
The basic idea of choice presents which economic problem
Decisions produce costs
People get to decide what they want
Businesses can sell what they want
Choice is a way of life
3
Economic system referred to as free enterprise or free market
socialist
mixed
capitalist
command
4
The Production possibilities curve shows
the level of demand
The level of supply
Scarcity
The level of production of two goods
5
all economic systems do this
wage incentives
price control
distribution of goods and services
small business owners
6
Scarcity is a basic economic problem because
people have trouble making choices
opportunity costs limit demand
Resources are limited
Governments limit production
7
PPC demonstrates what economic term
Opportunity cost
supply
price
scarsity
8
Austrian economist, advocate of free market capitalism
Hayek
Keynes
Smith
Friedman
9
An advantage of coprarations
limited liability
lack of special taxes
rights to all profits
ease of start up
10
This is what is given up in order to consume or have an experience
Supply
Scarcity
Opportunity cost
Demand
11
Governmental system which controls economic decisions
efficient
communist
choice based
free market
12
Which economic system does not have competition
command
free enterprise
mixed
Capitalism
13
What is a possible impact of lower interest rates
unemployment may increase.
less capital may be available
inflation
tax rates may decrease
14
How do corporations raise capital
sale of products
selling shares
investments
donations
15
what characteristic of free enterprise creates the incentive to work and save?
Private property ownership
voluntary echanges
consumer soverignty
Social Security
16
one benefit of the free enterprise system is
equal distribution of goods and services
guaranteed returns on investment
lack of union participation
amount of choices for consumers
17
What is capital
workers
machines
advertising
buildings

Economics Six Weeks Review Flashcards | StudBud

Economics Six Weeks Review

17 termsStudBud Administration44 plays

Economics six weeks review

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
Can you produce to the right of the PPC Curve
yes
no
2
The basic idea of choice presents which economic problem
Decisions produce costs
People get to decide what they want
Businesses can sell what they want
Choice is a way of life
3
Economic system referred to as free enterprise or free market
socialist
mixed
capitalist
command
4
The Production possibilities curve shows
the level of demand
The level of supply
Scarcity
The level of production of two goods
5
all economic systems do this
wage incentives
price control
distribution of goods and services
small business owners
6
Scarcity is a basic economic problem because
people have trouble making choices
opportunity costs limit demand
Resources are limited
Governments limit production
7
PPC demonstrates what economic term
Opportunity cost
supply
price
scarsity
8
Austrian economist, advocate of free market capitalism
Hayek
Keynes
Smith
Friedman
9
An advantage of coprarations
limited liability
lack of special taxes
rights to all profits
ease of start up
10
This is what is given up in order to consume or have an experience
Supply
Scarcity
Opportunity cost
Demand
11
Governmental system which controls economic decisions
efficient
communist
choice based
free market
12
Which economic system does not have competition
command
free enterprise
mixed
Capitalism
13
What is a possible impact of lower interest rates
unemployment may increase.
less capital may be available
inflation
tax rates may decrease
14
How do corporations raise capital
sale of products
selling shares
investments
donations
15
what characteristic of free enterprise creates the incentive to work and save?
Private property ownership
voluntary echanges
consumer soverignty
Social Security
16
one benefit of the free enterprise system is
equal distribution of goods and services
guaranteed returns on investment
lack of union participation
amount of choices for consumers
17
What is capital
workers
machines
advertising
buildings