4 factors of production

labor, land, capital, entrepreneurship,

What is the definition of scarcity?

limited resources for unlimited wants/needs

On a scale of Joey, how are you today?

1 - Happy, 2 - Silly, 3 - Tired, 4 - Confused

What is opportunity costs?

What you have to give up to get something else.

Define factors of production.

the resources used to produce all goods and services

are subjective judgments that vary according to values

The 3 questions that must be answered by the economic system are

What to produce, how to produce and for whom to produce.

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Economics Review

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Questions 18

Answers

1
What is the economic system used in the US?
Traditional Economic System
Command Economic System
Mixed Economic System
Market Economic System
2
4 factors of production
labor, land, capital, entrepreneurship,
capital, land, resources, labor
capital, labor, law, land
labor, law, inflation, entrepreneurship
3
Producers and consumers make all the economic decisions in which economic system?
Command
Free Market
Traditional
Mixed
4
Because scarcity exists, that means we have to make difficult choices. The choice given up is..
unfortunate
opportunity lost
trade-off
opportunity costs
5
Economic system in which the government makes all decisions.
Mixed
Traditional
Market
Command
6
What is the definition of scarcity?
unlimited needs for unlimited wants
unlimited resources for limited wants.needs
limited resources for unlimited wants/needs
unlimited wants for unlimited needs
7
This economic systems includes free enterprise with some government control.
Traditional
Market
Mixed
Command
8
What is the oldest types of economic system?
Traditional Economy
Command/Communist Economy
Mixed Economy
Market/Capitalist Economy
9
On a scale of Joey, how are you today?
1 - Happy
2 - Silly
3 - Tired
4 - Confused
10
Opportunity costs exist because of...?
evolution
scarcity
the government
school
11
wants and needs are...
unlimited
limited
12
Economic System in which habit and custom determine the rules for all economic activity.
Mixed
Free Market
Traditional
Command
13
What is opportunity costs?
There is not enough for everyone.
The demand for goods.
What you have to give up to get something else.
When things are on sale.
14
In which economic system does the government make all of the economic decisions?
free market
command
mixed economy
traditional
15
Define factors of production.
the most desirable alternative sacrificed
an alternative we sacrifice when we make a decision
the goods and services produced from resources
the resources used to produce all goods and services
16
"Wants" and "needs"
are defined by the IRS tax code
are subjective judgments that vary according to values
all of the above
tend to stay the same over time for most people
17
The 3 questions that must be answered by the economic system are
What to produce, how to produce and for whom to produce.
What to produce, when to produce and how to produce.
what to produce, how to produce and how much government gets
how to produce, how much to produce and when to produce.
18
What are the 3 basic economic systems?
Supply, Demand, Barter
Institutional, Free-Market, Demand
Traditional, Command, Market
Traditional, Mixed, Monarchy

Economics Review Flashcards | StudBud