stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Unit 1 Flashcards | StudBud
Explore
/
Economics Unit 1
Individual freedom is limited
Entrepreneurs are people who
Economics Unit 1
30 terms
·
StudBud Administration
·
64 plays
Economics Unit 1
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
Entrepreneurs are people who
use land, labor, and capitol to create new businesses
help settle labor disputes
produce all of a country's guns and butter
work on the floor of the stock exchange
2
Individual freedom is limited
Market
Mixed
Traditional
Command
3
.A centrally planned economy promotes
government ownership, competition, and no profit
government ownership, no competition, and no profit
government ownership, profit, and no competition
private property, profit, and competition
4
What is the basic question that all economic systems try to answer?
How to produce it?
All the above
What to produce?
For whom to produce?
5
An example of a capital resource is a
wood
farmer
hammer
teacher
6
The resources used to make goods and services are called
capital
production possibilities frontier
gross national product
opportunity cost
7
Materials that can be found in the environment like fresh water and oil are called
land
labor
enterprise
capital
8
What is an economic problem every nation has?
too much pollution
not enough resources
the problem of meeting everyone's needs
not enough population
9
The cost of the next best alternative when a choice is made is called
services
goods
opportunity cost
savings
10
Giving up one alternative for another is called
human capital
a trade off
efficiency
underutilization
11
Choosing between producing military and consumer goods is a trade off economists call
farm goods or factory goods
guns or butter
a free market economy
export or import
12
Thinking at the margin means deciding about
investing with borrowed money
increasing/decreasing technological know how
maximizing goods and services
adding or subtracting an additional unit of a resource
13
Shortages occur when
many people go unemployed
the US imports more than it exports
interest rates go up
goods and services cannot be supplied at certain prices
14
What is the main goal of a Mixed Economy?
To promote individual and social rights
To ensure fairness in business
To gain private property
To get rid of high taxation
15
An economic system heavily influenced by habits, customs, and religious beliefs
Command
Market
Mixed
Traditional
16
Privately owned factors of production
Market
Mixed
Command
Traditional
17
Prices are influenced by supply and demand
Command
Mixed
Market
Traditional
18
This economy usually has a low unemployment rate
Market
Traditional
Mixed
Command
19
Economics is the study of how people
choose from limited resources to meet their needs
respond to war and drought
gain knowledge and skills from study and experience
Calculate their income tax
20
Economics is a subject primarily concerned with the study of
How to make effective use of resources
How wants and needs are produced
Allocating scarce resources to satisfy unlimited wants
Detemining how Govt should use scare resources
21
Canada's economy is referred to as a mixed economy because
government is involved in regulating/owning some businesses
business acts independently, w/o governent interference
producers can produce whatever they wish
government owns all businesses
22
Which of the following is not a feature of a free market economy?
Competition
Incentives
Control
Specialization
23
What are the limitations of a free enterprise system?
high taxation and less incentive to work hard
uneven distribution of resources
restrictions on personal freedoms
there are no limitations
24
What resources are not included with the factor of production, land?
property
water
machines
coal
25
Which country is an example of a command economy?
South Africa
France
Cuba
Brazil
26
What is an example of a market economy?
Iran
Japan
China
North Korea
27
Considered synonymous with a capitalistic economy
Command
Traditional
Market
Mixed
28
Government owns natural and capital resources
Traditional
Command
Mixed
Market
29
In a free enterprise economy private property is
non existent
limited
discouraged
encouraged
30
An economic system that combines elements of all the other basic systems
Market
Traditional
Command
Mixed
