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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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Introducing what economics is and what the systems of economics are #econ #highschool
Flashcards
13 cards
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Questions
13
Answers
1
Wealthier nations have more resources.
True
False
2
This is considered decision making by small units...
Small decisions
Microeconomics
Macroeconomics
People's choice
3
This includes surface land, water, and things found in nature:
Land
Capital
Labor
Entrepreneurship
4
The central government controls the entire economy under this:
Democratic
Authoritarian
5
North Korea has this type of economic system.
Market
Traditional
Mixed
Command
6
One of the advantages of this economic system is freedoms.
Market
Mixed
Traditional
Command
7
According to Marx, the capitalists are the workers.
True
False
8
This type of system is based on customs and beliefs
Command
Traditional
Market
Mixed
9
What is using goods to make other goods or provide services?
Capital
Labor
Entrepreneurship
Land
10
What two things are limited?
None of the above
Both time and money
Money
Time
11
What is considered something you desire, but don't have to have?
Need
Desire
Cheese
Want
12
In this system, change is discouraged. Sometimes even punished.
Traditional
Market
Command
Mixed
13
How many basic questions are there when it comes to economic systems?
2
4
6
3
