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BASIC ECONOMICS Flashcards | StudBud
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BASIC ECONOMICS
BASIC ECONOMICS
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1
What is the purpose of the factors of production?
Resources for production
Income and economic growth
Demand and supply
Trade
2
What is capital as a factor of production
Water
A computer
A piece of land
A farmer
3
All are economic systems except ........
Banking System
Free Market Economy
Mixed Economy
Command Economy
4
What are consumers?
They produce stuff.
Cannibals
The buyers of products
Choose the Demand.
5
What are the economic agents in Macroeconomics?
GDP, Business Cycle, Inflation
CPI, GDP, Emplyoment
Households, Businesses, Government
Households and Businesses
6
The capitalism...
Eliminate the difference between social classes.
Defend collective property.
Defend private property.
Fight for the social good.
7
Define Globalisation
Globalisation means planets are becoming more interconnected
Countries are becoming more interconnected
Countries are becoming more interdependent
Globalisation is a process
8
Mixed economic systems are the norm globally
True
False
9
why?
It's the farest place to the consumer
It's the closest place to the consumer
It has a public subsidy
None of these answers are correct
10
How many factors of production are there?
4
10
6
3
11
What are the natural resources?
Raw material and water
Raw material and energy sources
Wood and water
Energy sources and money
12
Why does the economic activity exist?
It's because we to study it.
To manage limited resources
To get a good job
To earn as much money as possible
13
Which of these are not one of the 4 factors of production?
Captial
Employees
Labor
Land
14
Command economy also known as
developed economy
service economy
Governmental economy
planned economy
15
What is the production, distribution, and consumption of goods and services?
economic activity
economic system
supply
economy
16
Limited resources to supply unlimited needs and wants
Supply and Demand
Scarcity
Economics
Economy
17
What is the cheapest apple?
in a supermarket
in the tree
In a truck
In a warehouse
18
Producers are:
The State
Families
Individuals
Companies
19
What are the Factors of Production?
Capital, Land, Labour and Jobs
Land, Labour, Capital and Technology
Goods and Services
Work, Land, Labour and Inflation
20
Globalisation refers to:
Global warming
A more integrated and interdependent world
Lower incomes worldwide
Bigger multinational companies
21
An economic system that combines elements of all the other basic systems.
Command
Mixed
Market
Traditional
22
Define Economics
the study of what resources exist and how to use them
how to satisfy limited wants with unlimited resources
creation of a universal form of money to facilitate trade
how to satisfy unlimited needs with limited resources
