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US Economics
US Economics
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U.S Economics
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
According to Adam Smith
government should not interfere in the marketplace
left to individuals
Role of government is to allocate resources
a mixed economy
2
Marx's terminology for workers
unions
employer
employee
proletariat
3
the buyer make the decisions about what should be produced
Freedom of Enterprise
Profit Incentive
Freedom of Choice
Competition
4
the rivalry among producers of similar products to win more business by offering lower prices
Freedom of Enterprise
Competition
Freedom of Choice
Profit Incentive
5
Natural resources and surface land and water.
Labor
Land
Technology
Environment
6
Deals with behavior by making small units such as individuals and firms
Microeconomics
Labor
Scarcity
Services
7
Study of how individuals and businesses use limited resources to fulfill their unlimited wants.
Microeconomics
Entrepreneurship
Economics
Scarcity
8
Individuals are free to own and control the factor of production
Freedom of Choice
Competition
Profit Incentive
Freedom of Enterprise
9
Which of the following describes a free-enterprise system?
There are no legal restrictions on freedom of enterprise.
Individuals are free to own/control factors of production
Government owns and controls the factors of production.
Businesses cannot make a profit.
10
In a free-enterprise system, who makes the decisions about what should be produced?
entrepreneurs
individuals
sellers
government
11
owners of the land, machines, and factories
capitalists
socialists
communists
proletaritat
12
Actions that can satisfy people's wants or needs.
Choices
Productivity
Services
Labor
13
The amount of output that results from a given level of input.
Entrepreneurship
Factors of Production
Productivity
Services
14
central government controls the entire economy according to Marx's beliefs
democratic socialism
authoritarian socialism
socialism
communism
15
When individuals take risks to develop new products and start new businesses to make a profit.
Productivity
Labor
Alternative Resource
Entrepreneurship
16
type of socialist system works within constitutional framework to elect socialists to office
communism
authoritarian socialism
socialism
democratic socialism
17
it is easier to start your own busines in a
controlled economy
traditional economy
free enterprise system
command economy
18
Within a free-enterprise system, individuals have the right to
support themselves and their family.
use their education wisely.
enter into any profession they choose.
elect responsible government officials.
19
Previously manufactored goods used to make other goods and services.
<p>Technology</p>
Factors of Production
Capital
Macroeconomics
20
Combines basic elements of a pure market economy and a command economy.
Market
Command
Traditional
Mixed
21
Which of the following is a characteristic of capitalism?
marketplace efficiency
little incentive for business risk
centralized planning
state owns factors of production
22
The goal of economic freedom is to
prevent businesses from failing.
allow the government to control the economy.
allow each member of society to make choices.
limit competition.
23
Includes any use of land, labor, and capital that produces goods and services more efficiently.
Technology
Entrepreneurship
Services
Factors of Production
24
Government leaders control the factors of production and make all decisions about their use
Capital
Command
Mixed
Traditional
25
in a capitalist system, most property is
private property
regulated by government
owned by government
owned by banks
26
Tangible items that people can buy, such as medicine, clothing, or computers.
Needs
Scarcity
Goods
Capital
27
economic decisions are based on customer and beliefs
Command
Capital
Mixed
Traditional
28
Economic decisions are made by individuals looking out for their own.
Market
Mixed
Command
Traditional
29
pure socialism is characterized by
individual ownership
centroalized economic planning and state ownership
complete absence of government
decision making based on traditions and customs
30
What motivates people to establish new businesses or expand existing ones?
proft incentive
private property
government regulations
freedom of choice
31
Resources of land, labor, capital, and entrepreneurship used to produce goods and services.
Factors of Productions
Economics
Technology
<p>Microeconomics</p>
32
property that is owned by individuals or groups rather than by the governments
Private Property
Competition
Profit Property
Public Property
33
Deals with economy as a whole and decision making by large units such as governments.
Scarcity
Macroeconomics
Services
Factors of Production
34
Basic economic problem that results from a combination of limited resources and unlimited wants
Scarcity
Productivity
Shortage
Factors of Production
35
profit motive
Profit Incentive
Freedom of Enterprise
Competition
Freedom of Choice
36
Human effort directed toward producing goods and services.
Macroeconomics
Labor
Productivity
Entrepreneurship
37
major characteristic of a pure market economy is
regulated prices
oversupply of labor
unrestricted competition
strong government planning
38
French term - means "let people do as they choose"
market
Capitalism
laissez-faire
hands-off
