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Duplicate of Scarcity, Shortage, Opportunity Cost and Economic Systems Flashcards | StudBud
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Duplicate of Scarcity, Shortage, Opportunity Cost and Economic Systems
Duplicate of Scarcity, Shortage, Opportunity Cost and Economic Systems
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1
When the government eliminates competition...
Mixed Economy
Transitional Economy
Market Economy
Command Economy
2
Who coined the term, the "invisible hand?"
John Locke
Vladimir Lenin
Adam Smith
Karl Marx
3
In the process of shifting from central planning to private enterprises (privatization)
Command Economy
Transitional Economy
Market Economy
Mixed Economy
4
All of the alternatives that we give up when we make a choice is called a?
Shortage
Scarcity
Trade Off
Opportunity Cost
5
Which area still practices a TRADITIONAL economy?
Rural South America
North Korea
China
Inuits
6
Why are entrepreneurs scarce?
Limited people with knowledge and skills
A non-renewable resource
Limited people who want to create new goods and services
Relies on natural resources
7
An item that you desire but it is not needed for survival is called a:
Need
Want
8
When the government owns the means of production.
Socialism/Mixed Economy
Communism/Command Economy
Capitalist/Market Economy
Traditional Economy
9
There are limited quantities of resources to meet unlimited wants.
Scarcity
Shortage
10
Production is done the way it has always been done and little excess is produced.
Traditional Economy
Command Economy
Transitional Economy
Mixed Economy
11
Land, Labor, Capital and Entrepreneurs are all:
Factors and Resources
Factors of Economics
Factors of Productions
Factors of Measurement
12
Human-made material resources used in production are called human ______.
capital
resources
13
This is the most desirable alternative you gave up in a trade off.
Opportunity Cost
Need
Want
Scarcity
14
Basic things for survival are:
Needs
Wants
15
Effort a person devotes to a task for which they are paid.
Land
Labor
Entrepreneurs
Capital
16
A person who decides how to combine all 3 factors to create goods and services.
Labor
Capitals
Land
Entrepreneurs
17
Why is capital scarce?
Relies on natural resources
A non-renewable resource
Limited people who want to create new goods and services
Limited people with knowledge and skills
18
Which country has a Transitional Economy?
United States
Russia
Great Britian
North Korea
19
Individual choice determines progress of the market and competition is important.
Market Economy
Traditional Economy
Mixed Economy
Command Economy
20
Which one of these figures is NOT considered to be an ENTREPRENEUR?
Steve Jobs
Mark Zuckerburg
Bill Gates
Barack Obama
21
Resources used to create physical products.
Services
Goods
22
Why is labor scarce?
Relies on natural resources
Limited amount of people who have skills and knowledge
It is non-renewable
Limited amount of people who create new goods and services
23
Knowledge and skills a person gains through education and experience.
Physical Capital
Human Capital
24
Which country has a MIXED/SOCIALIST economy?
United States
China
Russia
France
25
An item that you desire is called a:
Need
Want
26
Temporary or long-term shortage of a resource caused by an external force.
Shortage
Scarcity
27
Why is land scarce?
Relies on natural resources
It is a non-renewable source
Only a certain amount of people with this knowledge
A limited number of people create new goods and services
28
Who developed the idea of Communism?
John Locke
Vladimir Lenin
Karl Marx
Adam Smith
29
Any human-made resource that is used to produce other goods and services.
Entrepreneurs
Capital
Land
Labor
30
Which country has a MARKET economic system?
France
China
North Korea
United States
31
Which country practices a COMMAND economic system?
North Korea
France
United States
Canada
