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Economics Review Chapters 3 and 4 Flashcards | StudBud
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Economics Review Chapters 3 and 4
Economics Review Chapters 3 and 4
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Review for Economics Alive Chapter 3 Economics Systems and Chapter 4 Gains from Trade
Flashcards
31 cards
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Questions
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Answers
1
A person or group of people living together
household
factory
corporation
cooperative
2
Diagram that shows the movement of money, resources, goods & services in households & producers
circular flow model
transfer payment
factor market
production possibilities curve
3
Allocation of separate tasks to different people
expertise
specialization
free market labor
division of labor
4
The development of skills or knowledge in one aspect of a job or field of interest
specialization
free enterprise
division of labor
barter
5
In a market economy, what is the government's role?
Encourage competition
Own and operate major industries
Decide what goods to be manufactured
Set prices on goods and services
6
An organization that makes, produces and sells goods or services.
market
firm
profit
factor
7
Direct exchange of goods or services without the use of money; typical in traditional economies
purchasing power
free market
opportunity cost
barter
8
Where individuals sell their their land, labor, capital.
contract
product market
free market
factor market
9
The result of using resources in a way that produces the maximum amount of goods and services
economic growth
economic efficiency
economic stability
economic security
10
The condition that exists when someone can produce a good using fewer resources than others
absolute advantage
scarcity
comparative advantage
lower opportunity cost
11
Govt payments to individuals or firms: examples social security payments or business subsidies
factor payment
factor market
full employment
transfer payment
12
What kind of market system is most common today?
Mixed
Traditional
Command
Market
13
Generally accepted medium of exchange; can be traded for goods & services or used to pay debts
natural resources
money
barter
trade goods
14
Government-financed (payed for) projects such as dams, bridges, highways, and sewer systems
factors of production
public resources
public goods
taxable resources
15
Which is the best example of specialization?
an assistant in a garage only refills oil
a maintenance worker takes care of an entire complex
a bike shop lowers the prices on bikes
a dry cleaner spends extra time on grease spots
16
Which one is NOT a fundamental question of economics?
When to produce
For whom to produce
How to produce
What to produce
17
Characteristic of society where people rely on others for most of the goods/services they want
command economy
economic dependence
economic stability
economic interdependence
18
Money earned by a business after subtracting cost of operation
taxes
profit
patent
copyright
19
The desire to make money off your business
profit motive
product marketing
firm
public works
20
Political & economic system in which all property & wealth are owned by all members of society.
socialism
capitalism
social contract theory
communism
21
No one single person, business, or government agency tells producers or consumers what to do.
command economy
traditional economy
free market
mixed economy
22
Which of these is an example of economic growth?
a trade war causes a depression
competition is fierce
a company has to lay off workers
a company hires and additional 100 workers
23
Includes freedom, equal opportunity, property rights, profit motive, limited government
open door policies
economic goals
command economic policies
free enterprise characteristics
24
The goods and services that people count on are there when they want them
economic growth
economic equity
economic freedom
economic stability
25
A political & economic philosophy that calls for property to be owned by society as a whole
mixed economy
socialism
traditionalism
capitalism
26
Which is the best examople of a transfer payment?
Unemployment Check
Free / Reduced Lunch
Social Security Check
Police Officer's paycheck
27
Condition that exists when someone can produce a good at a lower opportunity cost than others
trade advantage
comparative advantage
absolute advantage
cost-benefit ratio
28
The fairness with which an economy distributes its resources and wealth.
economic freedom
economic growth
economic security
economic equity
29
Ability to make one's own economic decisions without interference
economic equity
economic freedom
economic growth
economic stability
30
Custom and tradition dictates what to produce, how to produce it, and for whom
command economy
traditional economy
market economy
mixed economy
31
The act of willingly trading one item or service for another to be better off
voluntary exchange
coercion
the invisible hand
laissez-faire
