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Combined: Econ Unit 1 Review + Unit 2 Review Flashcards | StudBud
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Combined: Econ Unit 1 Review + Unit 2 Review
Combined: Econ Unit 1 Review + Unit 2 Review
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Econ Unit 1 Review: An #economics review Unit 2 Review: An #economics review on economic systems
Flashcards
71 cards
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Practice quiz
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Questions
71
Answers
1
Which of the following is not an example of something that could happen if a free market becomes more socialist(command)
higher taxes
more social programs
more private markets
more government involvement
2
Hong Kong is an example of a _________________ economy.
command
traditional
free market
mixed
3
Economists use this graph to show the possible combinations of production
Demand Curve
Labor Curve
Production Possibilities Curve
Supply Curve
4
Unlimited wants, limited resources
goods
scarcity
economics
entrepreneur
5
Manufactured goods used to produce other goods and services
consumer
nondurable
capital
durable
6
Canada, one more free market, is considered more mixed because they have adapted...
economic growth
universal healthcare
more free markets
privatization
7
Which of the following is considered physical capital?
drive-thru attendant
certified technician
water
computer
8
Basic requirements for survival
goods
wants
services
needs
9
Econ system characterized by a central authority making most of the major economic decisions.
traditional
command
mixed
market
10
An arrangement where consumers and producers determine price and quantity of products.
capitalism
socialism
market
free market economy
11
tangible product that is useful and transferable and is used to meet wants and needs
service
scarcity
good
product
12
Things factored into GDP
final goods and services
products and final goods
final services and goods
final services and products
13
A capitalist economy is considered a...
traditional economy
free market economy
command economy
socialist economy
14
Once I come into class, I should always check the whiteboard and get started on my __________
conversations with friends
texts
notes
round-up
15
We all have limited...
resources
effort
time
money
16
Does not meet the needs of the consumers is a disadvantage of a _______________ economy.
free market
mixed
traditional
command
17
What's my opportunity cost
in clothing
if I increase production of cars from point B to A?
200
400
100
300
18
Faster growth than command economy is a...
disadvantage of mixed
advantage of mixed
19
My Economics class Remind code is...
@rodcon
@rodecon
@rodconf19
@rodhonors
20
producing more in the same amount of time
efficiency
economics
productivity
economic growth
21
Things you can do to pass your next quiz include all the following
except
practice kahoot
ask questions
study
slack. sleep on it. repeat.
22
The Inuit Tribe of Northern Canada
command
mixed
traditional
free market
23
Market in which productive resources are bought and sold.
Market
Product Market
Stock
Factor Market
24
In the circular flow model what is being exchanged in the factor market?
taxes
services
goods
factors of production
25
Scarcity forces us to make...
opportunity costs
choices
trade-offs
money
26
Specific roles for all members in the community is an advantage in which economic system?
mixed
free market
traditional
command
27
Economic system that has a combination of traditional, command, and market economies.
mixed
command
traditional
free market
28
Example of a command economy that has become more mixed
Japan
North Korea
Scandanavia
China
29
Which of the following is not one of the Three Basic Economic Questions?
for whom to produce?
why to produce?
how to produce?
what to produce?
30
Examples of needs include all the following except...
shelter
water
food
money
31
Individual freedom for everyone is an advantage of a ____________________
mixed
command
free market
traditional
32
In the circular flow model what is being exchanged in the product market?
land and labor
entrepreneurs
goods, services, money
labor and capital
33
Every choice has a
trade-off
trade
opportunity cost
chance
34
Quality of life based on ownership of necessities and luxuries that make life easier
economics
living standard
standard of living
inflation
35
Point D is...
unfeasible
inefficient
efficient
a satellite
36
Market in which goods and services are bought and sold.
Boston
market
Product Market
factor market
37
A nation's total output of goods and services increases over time
human capital
specialization
economic growth
productivity
38
GDP measure's a country's production rate over a span of...
12 months
2 years
3 months
1/2 year
39
Point 'E' is producing
efficiently
unfeasible
inefficiently
solid #1 singles
40
The next best alternative given up when a choice is made
trade-off
opportunity cost
consumerism
alternate supply
41
The cost of the next best alternative
trade-off
specialization
opportunity cost
consumerism
42
Provides assistance for people who may be left out of the country’s economic progress is an...
advantage of mixed
disadvantage of mixed
43
Where do I turn in my homework?
inbox
leave it on the desk
In my basket
outbox
44
The study of how people try to satisfy their unlimited needs and wants using scarce resources
Consumer
Economics
Scarcity
Capital Goods
45
version of command economy in which government owns some, but not all, factors of production
traditional
communism
socialism
capitalism
46
What is the opportunity cost
in cars
if I produce more clothing, moving from point A to B?
20
30
40
70
47
People's education, skills, health, and motivation.
human capital
economic growth
productivity
entrepreneur
48
Alternative that must be given up when one choice is made rather than another
opportunity cost
alternate supply
scarcity
trade-off
49
United States is an example of a ____________________ economy.
traditional
command
mixed
free market
50
Economic system in which supply, demand, & price help allocate scarce resources
free market
traditional
command
mixed
51
Economic system in which private citizens own and use the factors of production to make profit.
market economy
socialism
communism
capitalism
52
Assignment of different tasks for the workers to perform a task most efficiently.
division of labor
division of capital
human capital
specialization
53
Higher tax rates to support social benefits is a...
advantage of mixed
disadvantage of mixed
54
Point 'A' is producing
inefficiently
unfeasible
on stage
efficiently
55
Things I can turn in for extra credit
bags of candy
dry erase markers
tissue boxes
hand sanitizer
56
Economic system in which the 3 economic questions are answered by rituals, habits, or custom.
mixed
command
traditional
market
57
Meeting place where consumers and producers come together to exchange goods and services.
Factor Market
Flea
Market
Product Market
58
What can you turn in for extra credit
candy
hand sanitizer
dry erase markers
tissue boxes
59
Discourages new ideas is a disadvantage of a ___________________ economy
mixed
traditional
command
free market
60
Factors of production include all the following
except
entrepreneurship
human capital
labor
land
61
Four factors of production include all the following except
labor
physical capital
entrepreneurship
human capital
62
Workers and businesses face uncertainty b/c of competition & change is a disadvantage of ...
mixed
command
traditional
free market
63
Cuba is an example of a ____________________ economy.
traditional
free market
command
mixed
64
Basic economic questions all societies must answer include the following except...
why to produce
how to produce
for whom to produce
what to produce
65
Where should phones be in class (unless instructed otherwise)?
face down at our table
in your hands
in pocket
on the table
66
We all have unlimited...
time
resources
money
wants
67
North Korea is an example of a _____________________ economy.
command
mixed
free market
traditional
68
Which is NOT a characteristic of a traditional economy.
expectations at a young age
embraces new technology
low standard of living
close tight knit community
69
Capable of dramatic change in a short period of time is an advantage of a ____________ economy.
mixed
free market
command
traditional
70
My business is thriving! More machines, employees, and human capital. My curve shifts to the...
down
left
right
stays the same
71
Economic equality, security, and stability are typically the goals of...
mixed
command
traditional
free market
