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Econ Ch 1-2-3 Test Review: Econ Way of Thinking, Econ Systems, Free Enterprise Flashcards | StudBud
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Econ Ch 1-2-3 Test Review: Econ Way of Thinking, Econ Systems, Free Enterprise
Econ Ch 1-2-3 Test Review: Econ Way of Thinking, Econ Systems, Free Enterprise
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Answers
1
This includes land, labor, capital, and entrepreneurship
factors of production
resources
capital
scarcity
2
Public goods are funded by?
charitable groups
the government
taxes you pay
3
In a market economy- who/what ULTIMATELY decides what products will be produced?
property owners
local govt
consumers
congress
4
Wrote the Communist Manifesto
Thomas Jefferson
Adam Smith
Karl Marx
Val Kilmer
5
This economic system doesn't provide for everyone's basic needs. Supply and demand rule the day
Command
Market
Direct
traditional
6
On a PPC, if a point is INSIDE the curve, what is occurring?
Equilibrium
Over utilization
Underutilization
7
The dollar value of all final goods and services produced in a country in 1 yr
standard of living
cost-benefit analysis
capital
GDP
8
The minimum wage is an example of a federal law that supports what economic principle?
economic equity
economic growth
economic efficiency
full employment
9
The study of economics is important because it enables us to do what?
increase consumption
determine what goods we need to buy
become better decision makers
describe standard of living
10
Limited amount of resources to meet unlimited wants/needs
Trade Offs
Scarcity
surplus
Opportunity Costs
11
describes the concept that everything we do has a cost.
resource mobility
capital
scarcity
opportunity cost
12
Whichof the following is NOT considered an economic and social goal?
price stability
economic efficiency
entrepreneurship
economic growth
13
The purpose of government in a command economy is to do what?
make all major econ decision
regulate competiton
encourage entrpreneurs
promote econ freedom
14
The gov't should have a hands off approach to economics.
Au printemps
Self Security
Laissez-Faire capitalism
Welfare maintenance
15
Everyone is free to start a business in the US
Business Equity
Open Opportunity
Socialism
16
a sustained increase in the general level of prices for goods and services.
inflation
voluntary exchange
profit
private property
17
Act of buyers and sellers freely and willingly engaging in market transactions.
command economy
profit motive
voluntary exchange
fixed income
18
The opportunity cost of doing something is the next best alternative, or ____ that you give up.
resource
Choice
good
capital
19
Typically had by older persons, this income does not change.
capitalism
fixed income
annuities
fluctuating income
20
An example of a market economy is?
The United States
North Korea
Inuit Indian Tribe
Russia
21
TINSTAAFL
Nothing's free in life
I don't pay for anything!
There are free things available to me
Who cares abut free stuff?
22
What 2
markets
do households and businesses interact with in the Circular Flow of Economics Model?
Production and Supply
Public and Private
Industry and Retail
Factor and Product
23
Marginal means?
somewhat
obsolete
extra or additional
24
Looking at the economy as a whole; for example analyzing GDP or inflation rates.
Macroeconomics
Microeconomics
25
He believed the free market should be able to operate in all fields and that the gov should control the money supply.
Adam Smith
Milton Friedman
Jimmy Carter
Karl Marx
26
The government's role in a MIXED economy is that it is the?
definer of econ goals
regulator charged with preserving competition
central planner
coordinator of all economic activity
27
The
money
used to buy the tools and equipment needed for production is known as?
wealth
financial capital
capital goods
factors of production
28
Who holds REAL power in a market economy?
Intellectuals
the Government
Consumers
Producers
29
Shows the combinations of output than can be produced when all resources are fully employed
Production Possibilities Frontier
decisions
choice
GDP
30
Incentive to improve material well being by seeking to gain material $ well being
Voluntary Exchange
Earnest Effort
Profit Motive
Consumer Sovereignty
31
Humans do things in oder to benefit themselves
Incentive
Thinking
marginality
32
Efficiency
performing a CBA
making a choice between trade-offs
using resources to their utmost to produce max amt of goods
dwindling my time away
33
When economic growth takes place, the ___ shifts outward, showing more products can be produced
production possibilities curve
capital curve
GDP
resource mobility chart
34
What DRIVES a market economy?
the government
Open Opportunity
Profit Motive
35
Buys goods/services for personal use
producer
consumer
economist
36
Mixed Economy or Modified Free Enterprise is?
Market with a sprinkling of command
Traditional with a sprinkling of Markey
Command with a sprinkling of market
37
Wrote the Wealth of Nations
John Meecham
Karl Marx
Adam Smith
Barack Obama
