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Midlo Middle Economics Flashcards | StudBud
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Midlo Middle Economics
Midlo Middle Economics
33 terms
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#economics, #8th grade
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
A business owned by stockholders that is authorized to act as a legal entity
accountant
partnership
corporation
proprietorship
2
Human effort needed to produce a good or service (teacher, doctor, truck driver)
Entrepreneurship
Labor/Human Resources
Land/Natural Resource
Capital Resources
3
When the consumer selects something from a group of alternatives-
choice
scarcity
assigned
incentive
4
Something that motivates the buyer to take action and make a purchase-
bad publicity
incentive
lack of resources
lack of need
5
The type of economy a country has is largely dependent on what factor?
the type of natural resources available
the type of government involvement
the amount of financial resources available
the skills of the producers
6
What is done to make the best choice in a situation-
alternatives
consumption
incentive
cost/benefit analysis
7
Kind of economy where there is no choice because EVERYTHING is run by the govt.
mixed economy
mixed economy
command economy
free market economy
8
When making decisions, what are the options you have to choose from?
production
incentive
alternatives
consumption
9
Anything that come from nature; NOT man made (animal, plant, water, wind)
Land/ Natural Resources
Entrepreneurship
Labor/Human Resources
Capital Resources
10
Kind of economy where producers can sell anything people will buy with NO govt restrictions
mixed economy
traditional economy
command economy
free market economy
11
What is NOT an advantage to a partnership business?
owners don't share profits with corporate shareholders
owners share risks and liability
owners may not get along with each other
owners share decisions
12
Type of economic system where tradition determines what, how, & for whom a product is made-
traditional economy
free market economy
command economy
mixed economy
13
Economic system with NO govt. control- consumer preferences & profit determines everything
traditional economy
command economy
free market economy
mixed economy
14
A business owned by two or more people
corporation
board of directors
proprietorship
partnership
15
What you gain when you make a choice-
economics
scarcity
benefit
cost
16
Kind of economy that we have in the United States.
traditional economy
mixed economy
command economy
free market economy
17
Type of economic system when the govt determines what, how, & for whom a product is made-
command economy
free market economy
mixed economy
traditional economy
18
WHich of the following is NOT an incentive to make a purchase?
high cost
easy return policy
good reputation of business
free shipping
19
Everything you give up when you make a choice-
incentive
production
cost
benefit
20
Which of the following examples is not an "opportunity cost"?
eating lunch after you mow the lawn
skipping lunch to use the money to buy a video game
study for a test instead of watching your favorite TV shows
babysitting instead of hanging out with friends at the mall
21
The "next best thing" you could have chosen
cost/benefit analysis
incentive
scarcity
opportunity cost
22
What is NOT an advantage of a proprietorship?
owner assumes all the risk and liability
owner keeps all the profits
easiest business to start up
most common type of business in the US
23
Which of the following is NOT part of the total cost of ownership of a business?
cost of equipment and installation
cost of community favor and goodwill
cost of energy and recycling
cost of maintenance and repair
24
Any resource used to produce a good/service (NOT land or labor) ($, machine, building, truck)
Capital Resources
Land/Natural Resources
Entrepreneurship
Labor/ Human Resources
25
The study of the production, distribution and consumption of resources for goods and services.
proprietorship
civics
business
economics
26
Kind of economy where producers make things in the family tradition & is not open to new ideas
command economy
free market economy
traditional economy
mixed economy
27
Economic system where people & profit determines what is bought & sold with some govt control
free market economy
command economy
mixed economy
traditional economy
28
A business owned by 1 person only
partnership
proprietorship
board of directors
corporation
29
A person who starts his/her own business (Jay Z, Bill Gates, Mark Zuckerberg)
Land/Natural Resources
Capital Resosurces
Labor/Human resources
Entrepreneurship
30
What is NOT an advantage of a corporation?
owner liability is limiten to investments
business has longer lifespan that other types of business
easier to raise capital with so many investors
very expensive to start up a business
31
What shows whether a purchase's benefits outweigh the costs?
opportunity costs
choice
cost/benefit analysis
incentives
32
Not enough or limited resources
production
scarcity
consumption
economics
33
What is the management of resources of a country, region, or community?
incentive
scarcity
economy
benefit
