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Basic Economic Concepts
Basic Economic Concepts
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1
Will you ace your economics test tomorrow?
Of course!
Without a doubt!
Yes!
Duh!
2
In this type of economic system, property is owned by individuals and not the government
socialism
traditional economic system
communism
capitalism
3
The value of the next best alternative when you make a decision is called...
opportunity cost
scarcity
economics
trade- off
4
In economics, doing one thing instead of another is called a...
scarcity
market system
decision
trade-off
5
Why is competition beneficial to consumers?
It keeps prices low.
It allows businesses to make profit.
It keeps prices high.
It does not allow businesses to make profit.
6
What are the three basic economic questions?
why to produce; where to produce; what to produce
where to produce; how to produce; for whom
what to produce; why to produce; for whom
what to produce; how to produce; for whom
7
Any work that people do to produce a good or service is...
entrepreneurship
labor
capital
land
8
The four factors of production are land, capital, entrepreneurship and...
mixed
labor
market
natural resources
9
What type of economic system allows for personal freedom?
traditional
socialism
communism
capitalism
10
Another term that means that there is a "free- market" is...
laissez- faire
lazey- fun
limpy- frog
loozi- poor
11
An office building is an example of...
land
entrepreneurship
capital
labor
12
The basic economic problem that results from a having limited resources and unlimited wants is
opportunity cost
choices
scarcity
marginal cost
13
A person who starts a new business is a(n)...
businessman
entrepreneur
profit incentive
capitalist
14
Almost all economic systems today are...
command
market
mixed
traditional
15
Buyers make decisions about what to be produced refers to...
freedom of enterprise
freedom of choice
competition
private property
16
Machines are an example of...
land
capital
labor
entrepreneurship
17
Water is an example of...
land
entrepreneurship
capital
labor
18
The production of distribution of goods and services in a society is the definition of
trade- offs
economic systems
economics
scarcity
19
The word "marginal" in economics means....
additional
decreasing
profitable
increasing
20
In what type of economic system does the government own the factors of production?
capitalism
traditional
socialism
communism
