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Economics -T2-FINAL Exam Review (2025) Flashcards | StudBud
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Economics -T2-FINAL Exam Review (2025)
Economics -T2-FINAL Exam Review (2025)
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Midterm Preparation Review
Flashcards
31 cards
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Questions
31
Answers
1
We all
desire
things that we may not have, it is referred to as a -
a life!
Need
Want
A brand new car
2
When it comes to
Opportunity Cost
, it is the next best or desirable choice or the one you did not take (true or false)
True
False
3
What is
Financial Literacy
?
Opening a bank account.
Depositing a check.
Spending your money once you get paid.
Having knowledge on the management of money.
4
To answer the
three (3) questions of economics
involves of the following, except.....
How to produce
For whom to produce
What to produce
When to produce
5
What is
Economics
?
How things are made, bought sold and used
The study of how we make decisions with limited resources
How we allocate money to certain policies and the money.
Money, Stock market, and purchasing decisions
6
As an
Entrepreneur
, it means that you are the person who is-
Using all of your money to start a business.
Taking the most risk!
Making the most money.
Travelling all over the country.
7
The difference between
physical capital and human capital
is that
human capital
includes the following-
Skills and Experience
People who handle packages
Physical Strength
Objects and useful items
8
Paying your taxes by April 15
responsibility
duty
9
What is an
economic system
?
the ability to produce more of a given amount of resources.
The ways in which society answers the economic questions.
A system on private ownership trade between buyers & sellers.
A system where power distribution is included.
10
A typical example of a
Traditional Economy
, would be one of the following-
motorized conveyor belts
Trading & Batering
Manufacturing warehouse
Use of drones to deliver packages
11
A
mixed economy
is a mix of which
2 economic systems?
Market and command
Traditional and command
Market and socialist
Command and free-enterprise
12
You are considered a
Generation Z baby
if you were born.....
From 1979 to 1985
From 1946 to 1964
From 1996 to 2012
From 1964 to 1978
13
The
most
employment loses
were among women
True
False
14
What is a
budget
?
A written plan for spending, saving, and investing the money you earn
A bank account
An expense list
A collection of investments
15
What is
Economics
Making decisions to satisfy human needs
Making investments in the New York Stock Market
Being able to purchase a real estate property
making decisions to satisfy human needs & wants
16
What happens when the
supply is high and the demand is low
?
The Prices tend to fall
You have a equlibram
Prices go crazy and have a party
The Prices tend to increase
17
Human capital
is
The skills, knowledge, and experience possessed by and individual
The knowledge, skills, and land possessed by an individual
The skills, knowledge and money possessed by an individual
The demand, knowledge, and skills possessed by an individual
18
When countries decide to either to
produce military supplies
over consumer goods, economist refer to this as-
Guns vs Butter
Peanut butter & Jelly
Ham & Cheese
Bacon & Eggs
19
What is
financial Literacy
?
That class taught by Mr. Bashir
basic financial knowledge
boring....
money reading
20
When making decisions, most people and the government will consider these two things-
Needs vs Wants
How long it will take to get the items and from what distance.
The cost of the items and availability
What the trade-off will be if you don't buy that item quickly.
21
Factors Of Production is
?
Lans, Labor, Capital
Kentucky, Fried, Chicken
Land, Ladder, Capital
Land, Labor Capital
22
Economic systems regulate
the factors of production, including
land, capital, and labor
False
True
23
Demand is
another name for a service
the number of people who want or need something
the amount of something that is available
a name of a coin used in the Caribbean
24
Which of these are
not
the
4 factors of production
?
Employees
Captial
Land
Labor
25
All are economic systems
except
........
Mixed Economy
Free Market Economy
Banking System Economy
Command Economy
26
To be considered as a part of the
Labor Force,
means that you are ........?
16 years of age , have worked 1 hour of pay or free on the family farm.
A full time student
A stay home parent, taking care of young children.
A retiree with a pension.
27
Money from taxes is used to pay for services that are provided by the government.
True
False
28
Who determines
demand
?
The Sellers
The Buyers
29
What are the
factors of production
?
Land, Labor, Capital, entrepreneurship
Donald Trump
Capital, entrepreneurship, Laziness, Do Nothings
Land, Labor
30
An
Entreprenuer
is…
A person who is lazy
A person who works for the government
A person who starts and owns a business
A very good worker
31
Supply and Demand -It is the main model of
price determination
used in economic theory.
True
False
