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Duplicate of Civics: Gov't & Econ.: 13 Flashcards | StudBud
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Duplicate of Civics: Gov't & Econ.: 13
Duplicate of Civics: Gov't & Econ.: 13
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1
where people decide how to save resources as capital and use it to produce goods & services
capitalism
socialism
communism
consumerism
2
an economy that is a combination of the three basic systems
command economy
mixed economy
traditional economy
market econmy
3
In today’s world, most countries have a
command economy
traditional economy
market economy
mixed economy
4
It is true for all economies that people
all of these
have the same wants
make choices about wants.
satisfy each want only once.
5
What is the third major decision made in an economy?
How are goods and services divided?
What is produced?
How are goods and services produced?
How can wants be satisfied?
6
People looking for a profit may hope that
production costs will be lower than price paid by the buyer
their product or service will be better than a competitor’s.
their investment in a new business will help it grow.
all of these
7
Which economic decision might a farmer make?
what crop to grow
whether to use pesticides
all of these
what kind of equipment to use
8
What is the first major decision made in an economy?
What and how much is produced?
How can wants be satisfied?
Who gets the goods and services?
How are goods and services produced?
9
A society that values freedom might
let citizens compete for products.
share products equally.
all of these
control all economic decisions.
10
how much
quality
quiet
quail
quantity
11
Which is considered capital when used to produce goods and services?
skills
water
machines
time
12
The three basic factors of production are
labor, land, capital.
soil, water, timber.
tools, machines, buildings.
money, knowledge, skills.
13
Limited resources compared to people’s wants is known as
capital
profit
opportunity cost
scarcity
14
the government or a central authority makes basic economic decisions
market economy
mixed economy
command economy
traditional economy
15
Hunters probably hunt the same game by the same methods in a
mixed economy
traditional economy
command economy
market economy
16
Which are examples of people’s basic wants?
education and health care
freedom & knowledge
food and shelter
all of these
17
Which of the following is an example of scarcity?
plants need soil & water
want of winter clothes
communism
Japan can't grow enough food
18
Which of the following is an important feature of capitalism?
capital is government owned
all of these
capital is privately owned
use of capital is controlled by tradition
19
the practical application of science to commerce or industry
consumption
capitalism
technology
distribution
20
Which statement is true?
People are satisfied if their basic wants are met.
Many wants may occur over and over again.
People’s wants never change.
People who live in the same place have the same wants.
21
benefit given up when scarce resources are used for one purpose instead of another
profit cost
capital cost
employment cost
opportunity cost
22
What is the second major decision made in an economy?
What and how much is produced?
Who gets the goods and services?
How are goods and services produced?
Who protects the environment?
23
difference between what it costs to produce something and the price the buyer pays
capitalism
consumerism
opportunity cost
profit
24
where private individuals make own decisions about production, distribution, and consumption
capitalism
free enterprise
opportunity cost
market economy
25
an economy in which basic decisions are made according to custom
mixed economy
traditional economy
command economy
market economy
26
use your money to help a business get started
invest
consumption
capitalism
profit
27
process by which goods and services are made available to the people who want them
distribution
invest
consumerism
capitalism
28
when resources are always limited compared with the number and variety of wants people have
loss
scarcity
profit
distribution
29
To produce goods and services, labor, land, and capital combine in a
production process.
opportunity cost
distribution cycle
all of these
30
resources for producing goods and services to satisfy people’s wants
invest
factors of production
capitalism
opportunity cost
31
the buying or using of goods and services
capitalism
communism
consumption
consumerism
32
someone decides that the cost of taking a job is greater than its benefits, decision was based
on scarcity.
on opportunity cost.
on consumption.
on capitalism.
33
Competition and profit-seeking play a large role in
command economy
traditional economy
market economy
mixed economy
34
What influences how a society makes the three basic economic decisions?
the available resources
the wants that people have
the society’s goals and values
the technology level used by labor
35
The government usually owns important parts of the economy in a
command economy
market economy
mixed economy
traditional economy
36
Private individuals own the factors of production in a
traditional economy
command economy
mixed economy
market economy
37
anything produced in an economy that is used to produce other goods and services
capital
capitalism
free enterprise
market
38
Which of the following is an example of free enterprise?
government price limits on oil
food awarded on basis of an individual’s role in the hunt
public education
privately owned shops that sell consumer goods
39
In this country, who makes the first decision?
laborers
people who will buy the product
people who own resources
distributors
40
where individuals are free to undertake economic activities with little or no gov't control
capitalism
free enterprise
opportunity cost
market economy
41
How has technology affected the economy of the United States?
has had little or no effect
has reached few Internet buyers
has reduced production costs
has increased production costs
