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Economic Systems end of week 1 quiz Flashcards | StudBud
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Economic Systems end of week 1 quiz
Economic Systems end of week 1 quiz
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Economic Systems
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1
What are the four factors of production?
labour, resources, capital, entrepreneurship
laissez-faire, bourgeoise, proletariat, invisible hand
free enterprise, command economy, socialist economy, mixed economy
producers, consumers, distributors, entrepreneurs
2
Which of these is a characteristic of a command economy?
consumers can buy whatever goods they want
the means of production are controlled by the government
unions ensure fair treatment of workers
the proletariat produces goods that improve the economy
3
What is the main goal of a mixed economy?
to gain private property
to get rid of high taxation
to ensure fairness in business
to promote individual and social rights
4
In economics, SERVICES are
Someone who purchases a good or a service from someone else
Someone who makes or grows items for sale or provides a service for people
An activity or benefit someone is prepared to pay for that is intangible.
A tangible, physical item that is made or grown.
5
Albion has no government regulation of industries and uncontrolled access to resources.
It is a command economy.
It is a mixed economy.
It is a free market (enterprise) economy.
It is a socialist economy.
6
Three basic types of economic systems are:
free market, natural resources, labor
free market (enterprise) economy, command economy, mixed economy
what to produce, how to produce, who will receive the goods and services
individual rights, state rights, mixed rights
7
In economics, the law of DEMAND is
The higher the price, the more producers want to make and sell.
Give it to me NOW!
The intersection between supply and demand.
The lower the price, the more consumers want!
8
In economics, a PRODUCER is
A tangible, physical item that is made or grown.
An activity or benefit someone is prepared to pay for that is intangible.
Someone who purchases a good or a service from someone else
Someone who makes or grows items for sale or provides a service for people
9
In a true free market economy, what would occur?
successful producers would be given tax breaks
safety regulation would offer consumer protections
workers would obtain fair wages by law
access to natural resources would be uncontrolled
10
In economics, GOODS are
Someone who makes or grows items for sale or provides a service for people
An activity or benefit someone is prepared to pay for that is intangible.
A tangible, physical item that is made or grown.
Someone who purchases a good or a service from someone else
11
In economics, MARKET PRICE is
The lower the price, the more consumers want!
The intersection between supply and demand.
The higher the price, the more producers want to make and sell.
Give it to me NOW!
12
In economics, a CONSUMER is
A tangible, physical item that is made or grown.
An activity or benefit someone is prepared to pay for that is intangible.
Someone who makes or grows items for sale or provides a service for people
Someone who purchases a good or a service from someone else
13
In economics, the law of SUPPLY means
The higher the price, the more producers want to make and sell.
The lower the price, the more consumers want!
Give it to me NOW!
The intersection between supply and demand.
14
Neverland has a
centrally planned economy
where
everyone collectively owns
the property and resources.
It is a command economy.
It is a mixed economy.
It is a free market economy.
It is a socialist economy.
15
Which term indicates ownership by an individual or business?
collective property
private property
state-controlled
collective control
16
Opportunity cost is
the cost of a good night out
the value of what you have to give up in order to choose something else
how much money you have in the bank
spending all of your money as soon as you get it
