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Unit 1 Review Economics Flashcards | StudBud
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Unit 1 Review Economics
Unit 1 Review Economics
20 terms
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Flashcards
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Questions
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Answers
1
In this type of economic system the government owns some of the factors of production
Democratic Socialism
Traditional
Market
Command
2
economic rivalry that exists among businesses selling the same or similar product
incentive
standard of living
self-interest
competition
3
This model explains the exchange of resources, products, and money payments in the U.S.
Supply and Demand Curves
Production Possibilities Curve
Market Equilibrium
Circular Flow of Economic Activity
4
Private Property can be owned in what type of economic system
traditional
Communism
Command
market
5
What type of economic system best describes the United States?
Mixed
Traditional
Command
Market
6
refers to a person's well being, how much a person is able to consume
incentive
competition
standard of living
self-interest
7
Government owns or controls almost all of the factors of production
Captialism
Traditional
Subsistence
Authoritarian Socialism
8
This is a problem because we cannot have everything we want
Production Possibilities
labor
opportunity cost
scarcity
9
Will the Vikings win the Super Bowl in Mr. Passe's lifetime?
no
no
no
no
10
The value of the next best alternative that is given up for preferred choice
Division of Labor
Opportunity Cost
Macroeconomics
Microeconomics
11
individuals own the factors of production and answer the three economic quesitons
Authoritarian Socialism
Captialism
Subsistence
Traditional
12
Which of the following is NOT a factor of prodcution
entrepreneurship
unions
labor
land
13
Adam Smith believed this drove economic markets to fulfill peoples wants and needs
standard of living
self-interest
incentive
competition
14
study of economic choices made by individuals and households
Division of Labor
Macroeconomics
Microeconomics
Opportunity Cost
15
How many calories are there in the hole of a doughnut
1000
0
500
200
16
What is this graph showing
Demand Curve
Production Possibilities Curve
Market Equilibrium
Supply Curve
17
Who wrote the Communist Manifesto?
Ronald Reagon
Mr. Baker
Adam Smith
Karl Marx
18
What type of economy would you classify North Korea?
Mixed
Traditional
Command
Market
19
Which of the following is not one of the three questions economic systems must answer
What is going to be made
How much will product cost
How will it be made
Who gets the product
20
Who wrote the book The Wealth of Nations?
Adam Smith
Mr. Passe
Karl Marx
Ernest Hemingway
