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Unit 1 Economic Thought and Systems Flashcards | StudBud
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Unit 1 Economic Thought and Systems
Unit 1 Economic Thought and Systems
35 terms
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Review vocabulary for unit 1. #economicthought #economicsystems
Flashcards
35 cards
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Questions
35
Answers
1
the incentive to make money
profit motive
voluntary exchange
money incentive
entrepreneurship
2
the decision a government makes between military and domestic needs
"puns or better"
"guns or butter"
"guns or better"
"puns or butter"
3
Match the picture to the appropriate factor of production.
labor
land
human capital
physical capital
4
a good or service that is provided to a society by the government; not everyone pays to use it
safety net
public good
free rider
patent
5
Which of the following is an example of a safety net?
public school
health care
military
food stamps
6
Which word identifies POINT X?
efficiency
underutlization
frontier
production possibilities
7
Identify the voluntary exchange in the following scenario.
spending on education
benefits for the elderly
passing the budget
The voluntary exchange cannot be identified.
8
Which economic system values community sharing of resources?
centrally planned economy
mixed economy
free market
9
Which economic system encourages the most innovation?
centrally planned economy
mixed economy
free market economy
10
Which economic system values private ownership?
mixed economy
free market
centrally planned economy
11
an economic system in which the government makes all decisions about resources
traditional
centrally planned economy
free market economy
mixed economy
12
Which economic question is asked FIRST?
What type of government will we have?
Who will consume it?
How should it be produced?
What should be produced?
13
Match the picture with the appropriate factor of production.
land
labor
human capital
physical capital
14
how a society uses resources to produce and distribute goods and services
economics
economic system
efficiency
factors of production
15
the state of limited resources to meet unlimited needs and wants
economics
scarcity
voluntary exchange
shortage
16
Match the picture with the appropriate factor of production.
physical capital
land
labor
human capital
17
Match the picture with the appropriate factor of production.
land
physical capital
human capital
labor
18
Who answers the economic questions in a centrally planned economy?
the government
economic advisors
entrepreneurs and the government
entrepreneurs
19
Identify the incentive in the following statement:
having $20
having gas money
having a snack
seeing a movie
20
a benefit provided to people who are in need of financial assistance
resource
free rider
public good
safety net
21
the most valuable benefit given up when making a decision
benefit
trade-off
opportunity cost
cost
22
Identify the opportunity cost in the following statement:
going to BSU
going to college
going to USI
going to UE
23
the person responsible for taking risks to combine resources
entrepreneur
business owner
manager
teacher
24
a person who uses public goods and safety nets but doesn't contribute to tax revenue
capitalist
homeless
free rider
bum
25
an economic system in which entrepreneurs and consumers are motivated by self-interest
free market economy
traditional
centrally planned economy
mixed economy
26
Using the CBA, decide which benefit is the opportunity cost for Option 3.
staying current on car payment and having an emergency fund
staying current on car payment
buying things I want
having an emergency fund
27
state of using all available resources to produce the most output
entrepreneur
economics
underutilization
efficiency
28
Which of the following is an example of a public good?
unemployment benefits
public education
food stamps
TANF - Temporary Assistance for Needy Families
29
an economic system in which the government and the people make decisions about resources
traditional
free market economy
centrally planned economy
mixed economy
30
the father of economics, who said, "not benevolence, but self-interest."
David Ricardo
Adam Smith
Andrew Jackson
Bill Clinton
31
willingly giving up money or another resource because you expect something in return
opportunity cost
economics
resource
voluntary exchange
32
benefits that encourage you to choose a decision option
opportunity costs
incentives
resources
trade-offs
33
the study of how individuals, businesses and governments make decisions about resources
economy
scarcity
moneyology
economics
34
The free market focuses on
benevolence, or charity
self-interest and competition
government ownership
taxes and benefits
35
All benefits given up in a decision
trade-offs
opportunity costs
losses
costs
