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Unit I Review
Unit I Review
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Questions from Chapter 1 and 2 Reviews, assignments, and concepts.
Flashcards
14 cards
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Questions
14
Answers
1
Another term for a capitalist system is a
market economy.
mixed economy.
command economy.
traditional system.
2
Name the factor of production that is missing from this illustration.
Technology
Money
Opportunity Cost
Capital
3
In a capitalist system, most property is
private property.
owned by banks.
owned by the government.
regulated by the government.
4
Factors of production include which of the following?
technology products and entrepreneurship
land, labor, capital, and entrepreneurship
all of the products produced in an economy
goods and services
5
A company's office buildings are an example of
land
entrepreneurship
labor
capital
6
What factor of production do these images illustrate?
capital
land
entrepreneurship
labor
7
How, What and For whom to produce questions are answered by which of the following?
market economies.
all economies.
command economies.
mixed economies.
8
The value of the next best alt. that has to be given up for the action that is chosen is the
opportunity cost.
trade-off.
productivity.
factor of production.
9
services
rivalry between producers or sellers to win more business
activities done for a fee
the work people do
tangible items that people buy
10
What factor of production do these images illustrate?
labor
capital
land
entrepreneurship
11
goods
activities done for a fee
rivalry between producers or sellers to win more business
the work people do
tangible items that people buy
12
What type of economic system did Adam Smith believe in?
mixed
market
traditional
command
13
What is the basic problem of economics?
consumer behavior
government policies
pricing
scarcity
14
A production possibilities curve helps determine
all the opp. costs and trade-offs that a faced during a year
the max. combo of goods/services produced in a given time
factors of production.
costs of production.
