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Economics Quiz Flashcards | StudBud
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Economics Quiz
Economics Quiz
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37
Answers
1
profit is the use or dedication of money to a business
False
True
2
What is the overall goal of a business?
more expensive goods
Making a profit
Producing products
competition
3
What are the three main factors of production?
products, communism, an free market
Land, Labor, and Capital
socialism, economy, and governments
Flow, currency, and money
4
What is an investment?
A person who purchases goods or services for personal use
The use or dedication of money in hopes of making a profit
The uses of scientific knowledge to make improvements (computers/machines)
none of the above
5
Which is a Want?
shelter
free market
new car
water
6
My total financial gain from a business makes after subtracting all its costs from its revenues is called
Capital
Profit
Productivity
Specialization
7
What is the invisible hand?
ownership and control of the industry
maintain rule of law
social order where everyone owns the factors of production
unintended social benifits resulting from individual actions
8
What is the profit?
company that produces goods and services
A financial gain a business makes after all expenses are paid for.
business only focusing on one specific product
use of specific knowledge to make improvements
9
What is productivity?
A person who purchases goods or services for personal use
none of the above
amount of goods or services workers can produce in a period of time
The use or dedication of money in hopes of making a profit
10
What is a free market/capitalist economy?
Individuals are in control
The government is in control
None of the above
Both the government and individuals have control
11
What is productivity?
Use limited resources in the best way they can
The goods workers are unable to produce
The income the workers make
The amount of goods a worker can produce in a period of time
12
What are the four factors of production?
Good, labor, productivity, capital
Natural resources, labor, capital, entrepreneurship
Technology, needs, labor, entrepreneurship
Labor, scarcity, needs, goods
13
What is Technology?
All paper work no electronics
profits that come out of a business
The uses of scientific knowledge to make improvements (computers/machines)
company that produces goods or services
14
Why is productivity important to businesses?
in order to make goods/services cheaper and decrease profits
in order to make goods/services cheaper and increase profits
none of the above
in order to make goods/services expensive and increase profits
15
specialization allows a business to focus on what it’s best at
False
True
16
businesses specialize because they have no other choice
False
True
17
What is Division of Labor?
being very productive
When workers are assigned a specific job and makes them do the job faster
company that produces goods or services
the value in goods and services
18
specialization is when a business focuses on one specific type of good or service
False
True
19
What is a need
A necessity a person needs to live
the new iphone
Something a person wants
new clothing line items
20
the division of labor is everyone doing the exact same job
True
False
21
Who made the idea of the invisible hand?
Thomas Jefferson
Adam Smith
George Washington
John Adams
22
What are goods?
Actions provided to another person
Physical items that can be touched and used.
Basic requirements for survival
Candy
23
the more goods the quicker that the workers are able to make them, the better the business
False
True
24
What is the difference between communism?
both private property and some property ownership and control over industry
The people have control in businesses.
mixed economy
Social order when everyone owns factors of production and output is equal
25
What is Socialism?
The people have control in businesses.
Social order when everyone owns factors of production and output is equal
both private property and some property ownership and control over industry
mixed economy
26
What is Specialization?
low productivity
When a business focuses on producing a specific type of good or service
a financial gain from a business
every worker does the same job
27
What is a consumer?
company that produces goods or services
All paper work no electronics
The uses of scientific knowledge to make improvements (computers/machines)
A person who purchases goods or services for personal use
28
What are some things that governments must do because free market markets won't?
Maintain rule of law, stepping in if needed, and public goods and services
building businesses up
All of the above
help pay for starting a business and profit
29
productivity is the amount of goods or services workers can produce in a period of time
False
True
30
What is the main goal of business?
Activities that one person provides to another.
The main goal of a business is to generate profit.
An economic system is the way a country manages its resources.
Economic freedom and government oversight to protect public interests.
31
What is a planned economy?
The government is in control
None of the above
Both the government and individuals have control
Individuals are in complete control
32
What is efficiency?
The human effort used in the production process.
Workers get good in specific tasks, to faster production and fewer errors
Higher quality products because workers can give more time to their tasks.
small range of products services,business can reduce waste and lower costs
33
what is the key benefit of specialization?
increased productivity
loss of money
all of the above
increased competition
34
How can a business improve its productivity?
technology
educated and trained workers
all of the above
tools and equipment
35
True or False: Labor is the human output of production
False
True
36
What is a business?
specific jobs
A company that produces goods or services
amount of goods produced
financial gain from a business after all expenses are paid for
37
What is the definition of economics?
social science examines how individuals/groups make choices about resources
Economic problem that arises when resources are limited
Assets that are available
Knowledge o and skills necessary to make informed effective decisions
