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Econ Review Flashcards | StudBud
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Econ Review
Econ Review
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Definitions to various terms
Flashcards
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Questions
17
Answers
1
Define microeconomics
decisions of a planet
individual decisions
decisions of a company
decisions of a country
2
What was the theory of economist Adam Smith
A helping hand
The visible hand
The invisible hand
Lending a hand
3
Cash or liquid assets held by a company is their..
capstone
caption
capital
4
The stock of attributes in the ability to perform labor to produce value
Physical capital
Human capital
5
An advantage of a mixed market economy is that..
Lots of monopolies
Government is a monopoly
Limited monopolies
6
Micro or macro: Where and how your grandmother spends her money
micro
macro
7
Entrepreneurship is..
creation or extraction of value
limitation or action of value
8
Controlled distribution of scarce goods is..
Rationing systems
Racial systems
Ratio systems
Rational systems
9
A disadvantage to traditional markets is..
dependence on government
lots of technology use
dependence on nature
no innovation
10
T or F: Land encompasses all natural resources needed for production.
True
False
11
What is an example of labor
a person buying goods
a person producing goods
12
What is not part of a pure market economy?
"The invisible hand"
supply and demand
little government control
full government control
13
T or F: Soft skills involve personality traits
False
True
14
Define macroeconomics
small scale
large scale
15
How involved is the government in a command economy?
Full control
Partial control
No control
16
If you were asked about your hard skills you would respond with:
good with computers
compassionate
kind
machine operation
17
Which best explains "The invisible hand" by Adam Smith. Select all
competition amongst sellers
competition amongst buyers
supply and demand
higher prices
