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1 Fundamental Economic Decision-Making Flashcards | StudBud
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1 Fundamental Economic Decision-Making
1 Fundamental Economic Decision-Making
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#economics #fundamental #concepts #grade12
Flashcards
35 cards
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Questions
35
Answers
1
well informed producers and consumers freely engage in honest transactions based on self-interests
marginal analysis
voluntary non-fraudulent exchange
factors of production
2
When companies make what people want in a market economy, it shows the power of
entrepreneurship
consumer sovereignty
rational decision-making
3
Manufactured products intended for final sale
capital goods
consumer goods
Cheap Chinese Junk
4
A key role of a government in a mixed market economy?
allocate resources
determine what to produce
provide public goods and services
5
Economic model for rational decision-making?
voluntary exchange
production possibilities curve
cost-benefit analysis
6
Purchasing a new tractor is an investment in which of the 4 factors of production?
Labor
Land
Capital
7
Increasing productivity by investing in capital and technology leads to...
government deregulation
a higher standard of living
economic equity
8
Specialization, division of labor, investment in technology/education are ways to...
...increase productivity
...increase government regulation
...decrease profitability
9
What does point D represent?
Inefficiency
Maximum Efficiency
Unattainable
10
The value of the next best alternative when a choice is made
trade off
scarcity
opportunity cost
11
Buyers and sellers are well informed and both feel better off after a transaction.
higher standard of living
voluntary exchange
government regulation
12
Raylene chooses shoes over earrings. What is her opportunity cost?
1 million dollars
value of the Shoes
value of the Earrings
13
The driving force behind all economic decision-making.
specialization
division of labor
scarcity
14
What does point E represent?
Unattainable production
Inefficiency
Maximum Efficiency
15
Manufactured products used in the production of other products
consumer goods
Cheap Chinese Junk
capital goods
16
Specialized skills and knowledge of workers
entrepreneurship
labor
human capital
17
society as a whole benefits from selfish decisions of businesses in a free market
marginal benefit
the invisible hand
market failures
18
Ron owns a Corn Dog stand. Which factor of production is Ron?
Human Capital
Entrepreneurship
Labor
19
______ is the study of people and the choices they make to overcome scarcity.
Economics
Personal Finance
Scarcity
20
Who answers the 3 Key economic questions in a Market Economy?
Producers AND consumers
Workers
The Government
21
A more educated, skilled, and productive society usually results in...
the emergence of oligarchies
increased poverty
a higher standard of living
world wars
22
what is the opportunity cost (in Boats) of C to A?
5 Trucks
4 Boats
5 Boats
23
Which goal is NOT associated with a market economy?
Equity
Freedom
Efficiency
Growth
24
The unintended effects on a third party when a producer and consumer make a transaction
Externalities
voluntary exchange
marginal costs
25
limited resources and unlimited wants
Trade-Offs
Equity
Scarcity
26
Government stepping in to prevent price gouging is an example of...
Regulation
public goods and services
deregulation
27
What would enable this business to produce at point E?
less resources, less capital
punishing slower workers
more or better resources or technology
28
a key role of a government in a mixed market economy
allocate all resources
resolve market failures
redistribute income equally
29
When you sacrifice some of one thing to get more of another
opportunity cost
trade off
efficiency
30
An economic decision is 'rational' when _____ is greater or equal to _____.
marginal cost; marginal benefit
opportunity cost; trade off
marginal benefit; marginal cost
31
What is NOT one of the 3 Key Questions of economics?
For whom to produce?
How to produce?
When to produce?
What to produce?
32
Which broad goal looks to allocate resources 'fairly' and 'evenly'?
Freedom
Equity
Stability
33
A workers time and effort in the production of a good or service
capital
entreprenuership
labor
34
Which broad econ goal is geared towards making the best use of a society's resources?
Freedom
Growth
Efficiency
35
Who answers the 3 Key economic Questions in a command economy?
Producers and Consumers
Business Owners
The Government
