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Econ Unit 1 Review: BSG and Economic Systems Flashcards | StudBud
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Econ Unit 1 Review: BSG and Economic Systems
Which broad social goals do command economies promote?
What do we consider labor
Econ Unit 1 Review: BSG and Economic Systems
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Answers
1
What do we consider labor
ideas and organization behind production
natural resources
human skill and effort
equipment and materials
2
Which broad social goals do command economies promote?
Economic Security
Economic Growth
Economic Equity
Economic Freedom
3
Which broad social goals do market economies promote?
Economic Growth
Economic Efficiency
Economic Freedom
Economic Equity
4
Which of the following is an incentive?
The next best alternative given up when you make decisions
Tax deductions, rebate, interest on $ in savings
Unlimited wants and limited resources
something that makes you do something (or not do something)
5
What are the 3 major decisions every economic system must make?
What are the costs, benefits, and risks?
How much to buy, where to buy, when to buy?
What to produce, how much to make, and whom to produce for?
What sells, what doesn't, what might?
6
If reducing the speed limit on roads to 55 mph saves even 1 life, it should be done
Economic Equity
Economic efficiency
Economic Security
Economic Freedom
7
What is opportunity cost?
The next best alternative you give up when you make a choice
Where supply and demand are in perfect balance
All of your costs combined
$50
8
Strong environmental laws should be enforced so our children/ grandchildren can have good lives
Economic Efficiency
Economic Freedom
Economic Growth
Economic Equity
9
What do we consider land?
human skill and effort
equipment and materials
natural resources
ideas and organization behind products
10
What do we consider capital?
equipment and materials
natural resources
ideas and organization behind production
human skill and effort
11
Ticket scalping for plays, concerts, and athletic events actually benefits buyers and sellers
Economic Growth
Economic Efficiency
Economic Freedom
Economic Equity
12
What is scarcity?
All of the above
The point at which supply and demand are in perfect balance
Wants being unlimited and while the resources are limited
The next best alternative given up when making a decision
13
What is economic security?
Protection against economic risks
Ensuring consumers can use their income how they want
Considering whether economic decisions are fair
Considering whether economic decisions are wise
14
What do we consider entrepreneurship?
natural resources
ideas and organization behind production
human skill and labor
equipment and materials
15
Anyone who's willing to learn & work can get to the top regardless of financial background
Economic Equity
Economic Efficiency
Economic Freedom
Economic Security
16
Anyone successful enough to have a family fortune shouldn't have inheritance taxed
Economic Equity
Economic Efficiency
Economic Freedom
Economic Growth
17
What is economic equity?
Being able to use your income any way you want
Increasing the production of goods over time
Considering how fair or right/wrong economic decisions are
Considering whether economic decisions are wise
18
Drug abuse hurts the economy and health care system. Drug enforcement is necessary
Economic Freedom
Economic Equity
Economic Security
Economic Growth
19
What is GDP (Gross Domestic Product)?
The measure of costs and benefits
The measure of inflation
The measure of all the goods and services produced over time
The measure of economic decisions
20
Which broad social goals do traditional economies promote?
Economic Equity
Economic Security
Economic Growth
Economic Freedom
