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Economic Concepts
Economic Concepts
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1
He is known as the father of capitalism.
Karl Marx
Thomas Malthus
John Maynard Keynes
Adam Smith
2
Which of the following is NOT a tangible good?
Cars
Pens
Sneakers
The noise of music
3
What are the factors of production?
labor
capital
land
soccer
4
the value of the next best choice you opted not to take
Tradeoff
Microeconomics
Laissez-faire
Opportunity Cost
5
In a capitalist system, firms are driven primarily by
improving country’s technology
job creation
profit
working for economic equality
6
He is considered the “the father of communism.”
Karl Marx
Adam Smith
John Maynard Keynes
Thomas Malthus
7
What is the goal of a Market economy?
economic stability and security
accumulate wealth for the ruling class while maintaining stability
economic freedom & efficiency
8
Which of the following would be considered a trade off?
I went to school to become an electrician
I traded my Monday shift for Steve’s Friday Shift
My construction manager boss & I danced to see who was better
I only have enough money for one thing: either a skateboard or a snowboard
9
political & economic philosophy based on collective (government) ownership of a society’s resources/means of production
Socialism
Macroeconomics
Communism
Laissez-faire
10
The study of how people choose to use their limited resources to satisfy their unlimited wants
Economics
Tradeoff
Microeconomics
Specialization
11
In a capitalist economy, the prices businesses charge for goods and services is mainly influenced by
supply and demand
the media
the weather
The government
12
What economic system does the Modern United States have?
Traditional Economy
Mixed Economy
Command Economy
13
a political & economic system in which all property/wealth is collectively owned by all members of society
Command Economy
Laissez-faire
Tradeoff
Communism
14
Adam Smith’s most noted work was called
The General Theory of Employment
The Communist Manifesto
The Wealth of Nations
Essays on the Principles of Population
15
free market economic system
Market Economy
Socialism
Economics
Communism
16
Which of the following is a concept created by Adam Smith?
The invisible idea
The invisible government
The invisible hand
The invisible bank
17
decisions about production are made by individual consumers & producers
Laissez-faire
Socialism
Economics
Trade
18
Scarcity requires people to make decisions about how to use resources effectively.
True
False
19
The study of the economy at the level of individuals, households, & businesses
Microeconomics
Tradeoff
Laissez-faire
Command Economy
20
Which of the following is NOT a legitimate form of economic exchange?
barter
Credit
larceny
cash
21
What economic system does colonial Haiti have?
Command Economy
Traditional Economy
Mixed Economy
22
approach to production in which individual workers become highly skilled as specific task
Communism
Laissez-faire
Tradeoff
Specialization
23
What are the 3 economic questions?
What to produce
Who to produce it for
How to produce it
where to produce it
24
both government & individuals play an important role in production & consumption
Specialization
Mixed Economy
Economics
Command Economy
25
The three questions all economic systems must address are: what to produce, where to produce and why they should produce
False
True
26
What economic system does North Korea have?
Command Economy
Mixed Economy
Traditional Economy
27
A factory might improve efficiency by introducing a division of labor.
True
False
28
What is the goal of a traditional economy?
accumulate wealth for the ruling class while maintaining stability
economic freedom & efficiency
economic stability and security
29
powerful ruler or authority make decision about production
Communism
Tradeoff
Economics
Command Economy
30
Karl Marx’s most noted work was called
The Communist Manifesto
The General Theory of Employment
Essays on the Principles of Population
The Wealth of Nations
31
money earned by a business after subtracting operation costs
Communism
Laissez-faire
Profit
Economics
32
voluntary exchange where both parties give up something to get something
Microeconomics
Tradeoff
Trade
Command Economy
33
Which of the following would be considered an opportunity cost?
I chose to not take the highway to work to avoid traffic
I chose not to work on thanksgiving so I lost out on time & a half
I chose to buy a cake
I pay for a class at the local community college
34
A lack of resources always creates the problem of
Inflation
Scarcity
War
Pollution
35
What is the goal of a Command economy?
accumulate wealth for the ruling class while maintaining stability
economic freedom & efficiency
economic stability and security
