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Civics: Gov't & Econ.: 13 Flashcards | StudBud
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Civics: Gov't & Econ.: 13
Civics: Gov't & Econ.: 13
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1
Hunters probably hunt the same game by the same methods in a
market economy
traditional economy
mixed economy
command economy
2
resources for producing goods and services to satisfy people’s wants
capitalism
invest
factors of production
opportunity cost
3
the buying or using of goods and services
consumerism
capitalism
communism
consumption
4
Which statement is true?
People’s wants never change.
People are satisfied if their basic wants are met.
Many wants may occur over and over again.
People who live in the same place have the same wants.
5
Competition and profit-seeking play a large role in
command economy
traditional economy
mixed economy
market economy
6
anything produced in an economy that is used to produce other goods and services
capitalism
market
free enterprise
capital
7
The three basic factors of production are
money, knowledge, skills.
labor, land, capital.
soil, water, timber.
tools, machines, buildings.
8
how much
quail
quality
quantity
quiet
9
To produce goods and services, labor, land, and capital combine in a
distribution cycle
production process.
opportunity cost
all of these
10
What is the third major decision made in an economy?
How can wants be satisfied?
What is produced?
How are goods and services produced?
How are goods and services divided?
11
What is the second major decision made in an economy?
What and how much is produced?
Who gets the goods and services?
Who protects the environment?
How are goods and services produced?
12
It is true for all economies that people
have the same wants
make choices about wants.
satisfy each want only once.
all of these
13
process by which goods and services are made available to the people who want them
capitalism
invest
distribution
consumerism
14
Which is considered capital when used to produce goods and services?
skills
water
time
machines
15
difference between what it costs to produce something and the price the buyer pays
consumerism
capitalism
profit
opportunity cost
16
the government or a central authority makes basic economic decisions
traditional economy
command economy
market economy
mixed economy
17
In this country, who makes the first decision?
people who will buy the product
people who own resources
distributors
laborers
18
The government usually owns important parts of the economy in a
command economy
market economy
mixed economy
traditional economy
19
use your money to help a business get started
profit
invest
capitalism
consumption
20
What is the first major decision made in an economy?
Who gets the goods and services?
How are goods and services produced?
How can wants be satisfied?
What and how much is produced?
21
where individuals are free to undertake economic activities with little or no gov't control
market economy
capitalism
opportunity cost
free enterprise
22
Which of the following is an example of scarcity?
plants need soil & water
communism
want of winter clothes
Japan can't grow enough food
23
an economy in which basic decisions are made according to custom
market economy
traditional economy
mixed economy
command economy
24
someone decides that the cost of taking a job is greater than its benefits, decision was based
on opportunity cost.
on consumption.
on scarcity.
on capitalism.
25
an economy that is a combination of the three basic systems
command economy
traditional economy
market econmy
mixed economy
26
People looking for a profit may hope that
their investment in a new business will help it grow.
production costs will be lower than price paid by the buyer
their product or service will be better than a competitor’s.
all of these
27
Which are examples of people’s basic wants?
freedom & knowledge
all of these
food and shelter
education and health care
28
where people decide how to save resources as capital and use it to produce goods & services
consumerism
capitalism
socialism
communism
29
benefit given up when scarce resources are used for one purpose instead of another
employment cost
profit cost
opportunity cost
capital cost
30
Limited resources compared to people’s wants is known as
profit
capital
scarcity
opportunity cost
31
Private individuals own the factors of production in a
command economy
market economy
mixed economy
traditional economy
32
A society that values freedom might
let citizens compete for products.
all of these
share products equally.
control all economic decisions.
33
In today’s world, most countries have a
traditional economy
mixed economy
command economy
market economy
34
What influences how a society makes the three basic economic decisions?
the technology level used by labor
the wants that people have
the society’s goals and values
the available resources
35
How has technology affected the economy of the United States?
has increased production costs
has reduced production costs
has reached few Internet buyers
has had little or no effect
36
the practical application of science to commerce or industry
capitalism
consumption
distribution
technology
37
where private individuals make own decisions about production, distribution, and consumption
capitalism
opportunity cost
market economy
free enterprise
38
Which of the following is an example of free enterprise?
food awarded on basis of an individual’s role in the hunt
privately owned shops that sell consumer goods
public education
government price limits on oil
39
when resources are always limited compared with the number and variety of wants people have
profit
distribution
scarcity
loss
40
Which of the following is an important feature of capitalism?
use of capital is controlled by tradition
capital is government owned
capital is privately owned
all of these
41
Which economic decision might a farmer make?
all of these
whether to use pesticides
what kind of equipment to use
what crop to grow
