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Economics Unit 1 Review Flashcards | StudBud
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Economics Unit 1 Review
Economics Unit 1 Review
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A review over the basics of economics #trade-offs #oppertunitycost #FOP #economicsystems
Flashcards
27 cards
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Questions
27
Answers
1
Property rights are part of which economic system?
command
mixed
free market
traditional
2
This economist believed govt. control cause govt. control of society.
Milton Friedman
Freidrich Hayak
Adam Smith
John M. Keynes
3
What economic system allows
the people and businesses
to answer the 3 economic questions?
mixed
traditional
command/centrally planned
free market
4
What economic system allows
both the government and people
to answer the 3 economic questions?
command/centrally planned
mixed
traditional
free market
5
A mechanic would be considered which FOP
capital
labor
land
6
This term means that resources are limited.
surplus
shortage
scarcity
underutilization
7
This economist believed in the voluntary exchange.
Milton Friedman
Adam Smith
Freidrich Hayek
Karl Marx
8
What is an opportunity cost?
the most valued alternative given up in a trade-off
the least valued alternative given up in a trade-off
the activity or decision you decided to do
9
True or False: The positive outcome all business owners strive for is...
debt
profit
satisfaction
success
10
A linguistics degree would be considered which FOP?
land
capital
labor
11
A tractor would be considered which FOP?
capital
land
labor
12
True or False: voluntary exchange is part of the free market, and people trade b/c they want to
false
true
13
Economics is the study of...
shortage
scarcity
money
regions
14
This economist believed in a communist revolution by putting power in the hands of the workers.
Karl Marx
Adam Smith
John M. Kaynes
Freidrich Hayek
15
What is E on the PPC
underutilization
effiecient
unattainable
16
Which of the following is
NOT
a disadvantage of the command economy
no individualism
inefficiency
emphasis on production
shared standard of living
17
A river would be considered which FOP?
labor
capital
land
18
This economist believed in the free market and the invisible hand.
Karl Marx
John M. Kaynes
Milton Friedman
Adam Smith
19
Which of the following is
NOT
a disadvantage of a free market?
no safety net
no regulation
competition
20
Which of the following is
NOT
one of the three basic economic questions?
How?
Where?
For whom?
What?
21
This economist believed that govt. should help during times of depression and recession.
Adam Smith
Karl Marx
Freidrich Hayek
John M. Keynes
22
What economic system allows
the government
to answer the 3 economic questions?
command/centrally planned
mixed
traditional
free market
23
According the Milton Friedman, what is the reason for going into business with someone?
mutual incentive (outcome)
negative incentive (outcome)
positive incentive (outcome)
24
What are A, B, and C on the PPC?
efficient
unattainable
underutilzation
25
The economic term for choice/decision is known as a...
factors of production
decision
trade-off
opportunity cost
26
What is D on the PPC
efficient
unattainable
underutilzation
27
What economic system allows
tradition
to answer the 3 economic questions?
mixed
command/centrally planned
traditional
free market
