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Economics Basics - Week 1 Flashcards | StudBud
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Economics Basics - Week 1
Economics Basics - Week 1
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Flashcards
35 cards
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Questions
35
Answers
1
In which sector would you find the following: streets and traffic lights
Non-Profit
Government
Household/Family
Business
2
Good or Service? Boombox
Good
Service
3
What is market economy?
no one is in charge
government is in charge
individuals are in charge
both government and individuals are in charge
4
Good or Service? Piano Lessons
Good
Service
5
Good or Service? iPhone
Good
Service
6
Good or Service? Avocado
Good
Service
7
Who makes all of the decisions in a command economy?
The pope
The people
The president
The government
8
In which sector would you find the following: family
Business
Government
Non-Profit
Household/Family
9
Economics is...
too hard to understand
money
study of people and choices
charts and graphs
10
Good or Service? Cereal
Service
Good
11
Good or Service? Circus performers
Good
Service
12
Macroeconomics focuses on things like _____.
salaries that Citibank gives to new graduates..
government policies that should be adopted.
the cost of a high school offering a new course.
the number of iPhones exported to France.
13
Good or Service? Concert
Good
Service
14
What type of economy does the US have?
traditional
free market
mixed
command
15
In which sector would you find the following: fish market
Government
Household/Family
Business
Non-Profit
16
What is microeconomics
sales
relationships between individual consumers and producers
money remaining from revenues after expenses are paid
studying economics of entire societies
17
Good or Service? Uber driver
Service
Good
18
In which sector would you find the following: teacher
Non-Profit
Business
Government
Household/Family
19
What is a traditional economy
All of the above
an economy controlled by traditions, customs, and beliefs
an economy driven by country's individual citizens
an economy controlled centrally by a government
20
A mixed economy differs from a pure market economy because...
government can intervene to fix market failures
may be too much / not enough government intervention
government can use taxation policies to reduce inequalities
governments can create safety net programs (ex. healthcare)
21
Good or Service? Chef
Service
Good
22
In which sector would you find the following: factories of supplies
Non-Profit
Business
Household/Family
Government
23
Good or Service? Accountant
Good
Service
24
What is a pure market economy?
both the government and individuals have control
the government has complete control
Empty choice
it is also known as a free market
25
Good or Service? Items in cart
Service
Goods
26
Good or Service? Swimming Pool
Good
Service
27
In which sector would you find the following: candy shop
Business
Government
Non-Profit
Household/Family
28
Good or Service? Babysitter
Service
Good
29
What is a command economy?
A command economy is an economy that satisfies wishes.
A command economy is a controlled trade.
A command economy produces outputs with services.
The government allocate all resources and decide what to produce.
30
In which sector would you find the following: military
Business
Government
Non-Profit
Household/Family
31
In which sector would you find the following: Ocean Cleanup
Household/Family
Government
Business
Non-Profit
32
What is command economy?
a market-based economy
has a leader that controls everything and decides everything
a mix of all economies
33
An advantage of a mixed market economy is...
limited monopolies
government is a monopoly
game of monopoly
lots of monopolies
34
Good or Service? Doctor
Service
Good
35
What is considered a traditional economy?
A dad passing away and passing his business to his son
A guy quitting his job and giving some random guy his job
A child choosing what they want to be when they grow up
My Mom
