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Duplicate of Economics- Basics and Economic Systems Flashcards | StudBud
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Duplicate of Economics- Basics and Economic Systems
Duplicate of Economics- Basics and Economic Systems
20 terms
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StudBud Administration
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This will help us recall information already learned. #Econ #Money #Goods #Services #Scarcity
Flashcards
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Questions
20
Answers
1
economic goal: the freedom to choose one's occupation and use of personal income
price stability
full employment
economic freedom
economic efficiency
2
An item that satisfies an economic need or want.
service
good
resource
widget
3
in which economy are you encouraged to both get a job AND follow government orders?
Capitalist
Command
Traditional
Mixed
4
High wages and taxes are the burden of which economic system?
traditional economy
mixed economy
command economy
capitalist economy
5
What is the fundamental problem of economics?
utility
scarcity
money
stock market
6
one of the "advantages" of the command economy is ...
competition produces the best results
culture and tradition are preserved
All members of society are considered equal
people are free to buy whatever they want
7
economic goal: wise use of resources within an economy
economic efficiency
full employment
price stability
economic freedom
8
Which of the following is NOT one of the three basic economic questions?
What to produce?
When to produce?
For whom to produce?
How to produce?
9
In this economic system, all decisions are made by the government
mixed economy
command economy
traditional economy
capitalist economy
10
economic goal: prices are not too high, goods are affordable
economic growth
price stability
full employment
economic freedom
11
Where are most traditional economies found?
Iraq and Chile
China and India
Europe and U.S.
Africa and South America
12
One of the advantages of this economic system is that everyone works together
traditional
mixed
capitalist
command
13
One of the disadvantages of the traditional economy is ...
a lack of technology
racism
corruption
social inequality
14
People will make a choice only if ...
the costs are greater that the benefits
there is candy involved
the benefits are greater than the costs
there is soda involved
15
The cost of the next best alternative choice
Opportunity Cost
Capitalism
Communism
Cost
16
A good that is made to last more than 2 years
inferior good
durable good
compliments
capital good
17
something performed by another person which satisfies an economic need or want
service
utility
paradox of value
good
18
Which is NOT a disadvantage of the mixed economy?
high taxes
outsourcing of domestic jobs
expensive goods
blatant government corruption
19
In this economic system, consumers and workers are protected by the government
traditional economy
mixed economy
command economy
capitalist economy
20
Which of these countries does NOT have a command economy?
Vietnam
China
Russia
North Korea
