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Economics 2020 Unit 1
Goods or service?
What is a command economy
Economics 2020 Unit 1
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1
What is a command economy
an economy controlled by traditions, customs, and beliefs.
an economy driven by country's individual citizens
an economy controlled centrally by a government.
an economic system combining private and public enterprise.
2
Goods or service?
Service
Goods
3
This measures the amount of goods and services produced in a countries borders each year
Capita
Economics
GDP
Monetary Value
4
Typically defined as "unlimited wants and limited resources"
Wants
Needs
Trade-offs
Scarcity
5
The phone that you own is an example of a public good
False
True
6
Who takes a risk to create a new product or service?
Political Official
CEO
Entrepreneur
Business Leaders
7
Goods or service?
Service
Goods
8
Which of the following is
not
a Factor of Production?
Entrepreneur
Capital
Scarcity
Land
9
What is an entrepreneur?
Self-motivated individuals who starts a business
A person who can't be bothered doing anything
Someone who does not take risks
Men and women with a good idea.
10
What is a public good?
a good provided to all of society
a commodity/ service provided to some of society
a commodity provided to all of society
a commodity/ service provided to all of society
11
What is opportunity cost?
The cost of the least expensive alternative
Money that is lost before making a decision
Choosing more than one options
The value of the next best alternative
12
The dollar value of all final goods and services produced within a country’s borders in a single year
Bost-benefit analysis
Standard of living
Financial capital
Its Gross Domestic Product (GDP)
13
Getting the new iPhone 11 Max Pro is an example of a need
True
False
14
Economics is all about _____________
Demand
Supply
Money
Choices
15
What are the Factors of Production?
Work, Land, Labour and Inflation
Land, Labour, Capital and Entrepreneur
Goods and Services
Capital, Land, Labour and Jobs
16
Consumers have power in the economy because they ultimately determine which products are produced
True
False
17
Goods or service?
Goods
Service
18
The local park is an example of a public good
True
False
19
What does this graph show?
Cost-Benefit Analysis
Production possibilities
Opportunity Cost
Economic Growth
20
A Production possibilities Curve...
Is not attainable
Shows how much I can consume
Shows how much I can produce of all goods
Shows how much I can produce of 2 goods
21
What does this graph show?
Economic Growth
Opportunity Cost
Production Possibilities
Cost-Benefit Analysis
22
This means “hands off” or that philosophy that government should not interfere with business activities
Externality
Laissez-faire
Monopoly
Economies of scale
23
What does this graph show?
Economic Growth
Opportunity Cost
Production Possibilities
Cost-Benefit Analysis
24
North Korea has a Command Economy
True
False
25
Division of Labor is a characteristic of __________
Entrepreneurship
Assembly line production
Home craft business
Classroom education
26
What is Underutilization?
being outside of the PPC
Using less resources than an economy is capable of using.
Not paying your utilities bill
Using more resources than an economy is capable of using.
27
A need is something that a consumer wants to have, but is not necessary for survival
True
False
28
Education is an example of a positive externality
False
True
29
This economic system hasminimum government interference and resources are privately owned
Command
Mixed
Free Market
Traditional
30
Role of government is justified whenever the benefits outweigh the cost
False
True
