An econ system: gov't makes all the decisions on the 3 key econ "?"s.

Command/Centrally Planned Economy

A saying which a society decides to produce more military or domestic goods

The use of fewer resources than an economy is capable of using.

An econ system: market-based elements and some level of gov't involvement

Another name for a “Centrally Planned Economy”.

All natural resources used to produce goods and services.

Centrally Planned Economy

An econ system: gov't makes all the decisions on the 3 key econ "?"s.

Human-made objects used to create other goods and services.

The amount of money a business receives in excess of its expenses.

A set of gov't programs that protect people who face neg econ conditions.

The most desirable alternative given up as the result of a decision.

Knowledge and skills a worker gained through education and experience.

An econ system: relies on habit custom rituals to decide the 3 basic econ?s

studbud

Econ Vocab Quiz I.I Spring 2023

29 termsStudBud Administration218 plays

Imported from external platform

Flashcards29 cardsFPractice quizPHost liveL

Questions 29

Answers

1
Capital
All natural resources used to produce goods and services.
The effort people devote to tasks for which they are paid for.
Any human-made resource that is used to produce other goods and services.
Human-made objects used to create other goods and services.
2
An econ system: market-based elements and some level of gov't involvement
Mixed Economy
Traditional Economy
Command/Centrally Planned Economy
3
Shortage
Limited quantities of resources to meet unlimited wants.
A situation in which a good or service is unavailable.
4
Scarcity
A situation in which a good or service is unavailable.
Limited quantities of resources to meet unlimited wants.
5
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
Command/Centrally Planned Economy
Mixed Economy
Traditional Economy
6
Any human-made resource that is used to produce other goods and services.
Physical Capital
Opportunity Cost
Capital
Land
7
Guns or Butter
The knowledge and skills a worker gains through education and experience.
A saying which a society decides to produce more military or domestic goods
All natural resources used to produce goods and services.
Any human-made resource that is used to produce other goods and services.
8
Limited quantities of resources to meet unlimited wants.
Underutilization
Safety Net
Scarcity
Shortage
9
Underutilization
Another name for a “Centrally Planned Economy”.
An econ system: gov't makes all the decisions on the three key eco "?"s.
The act of giving up one benefit in order to gain another, greater benefit.
The use of fewer resources than an economy is capable of using.
10
All natural resources used to produce goods and services.
Physical Capital
Opportunity Cost
Capital
Land
11
The use of fewer resources than an economy is capable of using.
Underutilization
Shortage
Safety Net
Scarcity
12
A situation in which a good or service is unavailable.
Safety Net
Shortage
Underutilization
Scarcity
13
An econ system: relies on habit custom rituals to decide the 3 basic econ?s
Mixed Economy
Command/Centrally Planned Economy
Traditional Economy
14
Mixed Economy
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
An econ system: relies on habit custom rituals to decide the 3 basic econ?s
An econ system: market-based elements and some level of gov't involvement
Another name for a “Centrally Planned Economy”.
15
Command Economy
An econ system: market-based elements and some level of gov't involvement
An econ system: relies on habit custom rituals to decide the 3 basic econ?s
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
Another name for a “Centrally Planned Economy”.
16
Land
All natural resources used to produce goods and services.
The effort people devote to tasks for which they are paid for.
Human-made objects used to create other goods and services.
Any human-made resource that is used to produce other goods and services.
17
Centrally Planned Economy
Another name for a “Centrally Planned Economy”.
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
An econ system: market-based elements and some level of gov't involvement
An econ system: relies on habit custom rituals to decide the 3 basic econ?s
18
Human-made objects used to create other goods and services.
Opportunity Cost
Capital
Land
Physical Capital
19
Physical Capital
Human-made objects used to create other goods and services.
Knowledge and skills a worker gained through education and experience.
All natural resources used to produce goods and services.
Any human-made resource that is used to produce other goods and services.
20
A set of gov't programs that protect people who face neg econ conditions.
Underutilization
Safety Net
Scarcity
Shortage
21
Profit
Level of economic prosperity.
The amount of money a business receives in excess of its expenses.
A set of gov't programs that protect people who face neg econ conditions.
The income people receive in return for supplying factors of production.
22
The most desirable alternative given up as the result of a decision.
Land
Opportunity Cost
Capital
Physical Capital
23
The use of fewer resources than an economy is capable of using.
Underutilization
Safety Net
Scarcity
Shortage
24
Safety Net
A set of gov't programs that protect people who face neg econ conditions.
The income people receive in return for supplying factors of production.
The amount of money a business receives in excess of its expenses.
Level of economic prosperity.
25
Opportunity Cost
The knowledge and skills a worker gains through education and experience.
The most desirable alternative given up as the result of a decision.
The effort people devote to tasks for which they are paid for.
The knowledge and skills a worker gains through education and experience.
26
A situation in which a good or service is unavailable.
Scarcity
Shortage
Underutilization
Safety Net
27
A set of gov't programs that protect people who face neg econ conditions.
Shortage
Scarcity
Underutilization
Safety Net
28
Human Capital
Any human-made resource that is used to produce other goods and services.
The effort people devote to tasks for which they are paid for.
Human-made objects used to create other goods and services.
Knowledge and skills a worker gained through education and experience.
29
Traditional Economy
Another name for a “Centrally Planned Economy”.
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
An econ system: market-based elements and some level of gov't involvement
An econ system: relies on habit custom rituals to decide the 3 basic econ?s

Econ Vocab Quiz I.I Spring 2023 Flashcards | StudBud