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Econ. Module 1 Quiz Flashcards | StudBud
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Econ. Module 1 Quiz
Econ. Module 1 Quiz
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Questions
12
Answers
1
What are the Three Economic Systems we've discussed?
Feudalism
Command Economy (Socialism)
Mixed Economy (Most Countries)
Market Economy (Capitalism)
2
The three fundamental economic questions are
what
should be produced, ___________, and for
whom
.
Why
How
Where
3
What is the study of the part of a society that creates wealth, wealth that comes from the production of goods&services?
Psychology
Sociology
Government
Economics
4
The thing you are missing out on when choosing one alternative.
Opportunity Cost
Profit
Economics
Scarcity
5
Which one is a Trade Off?
Not having access to a certain resource,
You must choose between seeing your friends or doing homework.
Saving Money in a Bank
6
Which Factor of Production fits best for a companies freight trucking fleet?
Entrepreneurship
Capital
Labour
Land
7
Which type of Economy has almost complete control of Goods and Services by citizens?
Socialism
Command Economy
Market Economy
Mixed Economy
8
When the demand for a good or service is greater than the availability of the good or service due to
limited resources.
Opportunity Cost
Scarcity
Profit
Economics
9
When you are weighing the opportunity cost of an important decision you may be using…….
Cost - Benefit Analysis
Credit Check
Community Based Initiative
Emotional and Irrational Thinking
10
A condition that occurs when there is less of a good or service available than people want to purchase in that moment.
Shortage
Opportunity Cost
Scarcity
Economcis
11
Which type of Economy has almost complete Government control of Goods and Services?
Mixed Economy
Capitalism
Market Economy
Command Economy
12
Which of these is
NOT
a Factor of Production?
Land
goods and services
Entrepreneurship
Labor and Capital
