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Economics Benchmark Flashcards | StudBud
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Economics Benchmark
Economics Benchmark
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1
Factors of production...
land, labor, capital
Addition, Subtraction, Multiplication
health, wealth, stealth
Imperialism, Alliances, Militarism
2
A demand schedule shows
The fluctuations in demand that occurred over specific time
A listing that shows the various quantities demanded
And upward sloping curve that illustrates price and .quanti
The fluctuations in demand schedules that occur over year
3
Scarcity and shortages are
different in that scarcity can be corrected but shortages cannot
different in that shortages can be corrected but scarcity cannot
both solvable
the same
4
Self-interest and competition drive this economic system
Free Market
Command
Traditional
Mixed
5
What is human capital?
Immigration of people into a country
A worker’s skills, knowledge, and experience
Investment in new technology
the quantity of a company’s equipment
6
Physical capital is
Man-made resources
Scarce resources
Natural resources
Human knowledge gathered through education and experience
7
What is the definition of scarcity?
limited resources for unlimited wants/needs
unlimited needs for unlimited wants
unlimited resources for limited wants.needs
unlimited wants for unlimited needs
8
A trade off can be described as,
Giving up on an item you wish to purchase
Paying more for an item
An exchange of one thing for another
Paying less for an item
9
A mixed economy is defined as
When the US people decide on everything
when a free market and government work together.
both goods and services are produced.
there is a mix of markets working together
10
What is opportunity costs?
The demand for goods.
When things are on sale.
What you have to give up to get something else.
There is not enough for everyone.
11
Scarcity and shortage
scarcity is based on needs, shortage is based on wants
scarcity is temporary and shortage is permanent
are both the same basic concept - there isn't enough of something
scarcity is permanent and shortage is temporary
12
Is the picture a demand Curve or demand schedule
Market schedule
Demand Curve
13
Because scarcity exists, that means we have to make difficult choices. The choice given up is..
unfortunate
opportunity costs
trade-off
opportunity lost
14
Centrally Planned Economy
An econ system: market-based elements and some level of gov't involvement
Another name for a “US Planned Economy”.
An econ system: gov't makes all the decisions on the 3 key econ "?"s.
An econ system: relies on habit custom rituals to decide the 3 basic econ?s
15
What is equilibrium in economics?
When everything is at peace
When supply and demand are not equal
When the world is balanced
When supply and demand are equal
16
3 economic questions EXCEPT
why is life the way it is?
FOR WHOM should they be produced for?
HOW should they be produced?
WHAT goods to produce?
17
Equilibrium in economics is...
A point of balance between price and quantity
When food and people are balanced in a society
A point of equality in our society
When money and people are balanced in a society
18
What is a mixed economy?
an economy that combines market and centrally planned economies
an economy that with lots of different races of people
an economy that needs more government intervention
a communist economy
19
Physical Capital
All natural resources used to produce goods and services.
Knowledge and skills a worker gained through education and experience.
Any human-made resource that is used to produce other goods and services.
Human-made objects used to create other goods and services (more capital)
