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Economics Fun! Flashcards | StudBud
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Economics Fun!
Economics Fun!
19 terms
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StudBud Administration
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1,624 plays
Ms. Williams's economy quiz. NOT GRADED.
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
What is Supply and Demand?
discounts on products
a good or service a producer is willing to sell
a good or service that consumers are willing to buy
interaction of supply and demand determines price
2
What is proprietorship?
One owner who takes ALL the risks.
Two or more owners who share the risks.
Owners share profit
Taxes
3
What are the four types of economies?
Traditional, free market, command, mixed.
Federal, Central, Confederate, Mixed.
Command, Oligarchy, Communist, and Dictatorship.
State, Local, Central, and Federal.
4
What are some examples of Resources?
Natural, human, capital, intermediary, and entrepreneurship.
Production
Choice
Opportunity Cost
5
What is Scarcity?
Being scared of something.
Being able to buy things.
The inability to satisfy all the wants at the same time.
Having plenty of products for consumers.
6
What is price?
Money
amount of money exchanged for a good or service.
Incentives to buy goods.
Income
7
What is choice?
Having somebody else decide what to do.
Being told what to do.
Selecting an item from a set of possible alternatives.
Good and Bad
8
What are characteristics of free markets?
Private ownership of property, profit motive, competition.
Lack of consumer choices
Central ownership, central economy, lack of choice.
government is owner.
9
What is supply?
a good or service that a producer is willing to sell
a good or service that consumers are willing to buy
discounts on items
Walmart and Target
10
What is production?
Hard work
Using goods or services
Purchasing goods
combining of resources to make or provide goods or services
11
What is partnership?
Investors
One owner takes ALL the risks and profits.
Act as a legal entity regardless of owners.
Two or more owners who share the risks and the profits.
12
What is consumption?
amount of goods and services being bought.
Buying goods and services.
Using goods and services.
Amount of goods and services being sold.
13
What are characteristics of command economies?
Mixed between free market
Central Ownership, centrally-planned economy, lack of choice
government is owner.
profit motive, competition, individual choice
14
What is Demand?
Taking money from people.
A good or service that consumers are willing to buy
a good or service that producers are willing to sell
Discounts
15
What are Incentives?
Used to chance emotions.
Used to take money away from people.
Motivating people to act a certain way.
The amount of money available.
16
What are characteristics of mixed economies?
Lack of consumer choice.
Qualities are mixed from free market and command economy.
Government is in control.
Consumers are in control.
17
What is a corporation?
Risk to produce goods and services.
One owner takes ALL the risks and profits.
Act as a legal entity regardless of number of owners.
Two or more owners who take all the risks and profits.
18
What are entrepreneurs?
takes a risk to produce goods/services in search of profit.
Act as legal entity regardless of number of owners.
Two or more owners who share the risks and profits.
One owner who takes all the risks and all the profits.
19
What is opportunity cost?
What is given up when a choice is made.
The same as choice
Not knowing the future.
Benefits of the choice
