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Unit 1 Economic Thought and Systems Flashcards | StudBud
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Unit 1 Economic Thought and Systems
Unit 1 Economic Thought and Systems
35 terms
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Review vocabulary for unit 1. #economicthought #economicsystems
Flashcards
35 cards
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Questions
35
Answers
1
the person responsible for taking risks to combine resources
manager
entrepreneur
business owner
teacher
2
the decision a government makes between military and domestic needs
"guns or butter"
"puns or better"
"puns or butter"
"guns or better"
3
benefits that encourage you to choose a decision option
resources
opportunity costs
incentives
trade-offs
4
Which economic system encourages the most innovation?
mixed economy
centrally planned economy
free market economy
5
Which economic question is asked FIRST?
Who will consume it?
What should be produced?
What type of government will we have?
How should it be produced?
6
Match the picture with the appropriate factor of production.
human capital
physical capital
labor
land
7
Identify the incentive in the following statement:
having a snack
having gas money
having $20
seeing a movie
8
Which economic system values community sharing of resources?
centrally planned economy
free market
mixed economy
9
Identify the voluntary exchange in the following scenario.
benefits for the elderly
The voluntary exchange cannot be identified.
passing the budget
spending on education
10
an economic system in which the government and the people make decisions about resources
mixed economy
traditional
free market economy
centrally planned economy
11
the study of how individuals, businesses and governments make decisions about resources
moneyology
economy
scarcity
economics
12
Identify the opportunity cost in the following statement:
going to USI
going to BSU
going to college
going to UE
13
the state of limited resources to meet unlimited needs and wants
voluntary exchange
scarcity
economics
shortage
14
Which of the following is an example of a public good?
food stamps
public education
unemployment benefits
TANF - Temporary Assistance for Needy Families
15
a good or service that is provided to a society by the government; not everyone pays to use it
free rider
safety net
public good
patent
16
a person who uses public goods and safety nets but doesn't contribute to tax revenue
homeless
bum
free rider
capitalist
17
how a society uses resources to produce and distribute goods and services
factors of production
economic system
efficiency
economics
18
a benefit provided to people who are in need of financial assistance
safety net
public good
free rider
resource
19
the most valuable benefit given up when making a decision
opportunity cost
benefit
cost
trade-off
20
the incentive to make money
voluntary exchange
money incentive
entrepreneurship
profit motive
21
the father of economics, who said, "not benevolence, but self-interest."
Bill Clinton
David Ricardo
Adam Smith
Andrew Jackson
22
Which of the following is an example of a safety net?
food stamps
health care
military
public school
23
Which economic system values private ownership?
centrally planned economy
free market
mixed economy
24
state of using all available resources to produce the most output
entrepreneur
underutilization
efficiency
economics
25
Which word identifies POINT X?
production possibilities
frontier
underutlization
efficiency
26
an economic system in which the government makes all decisions about resources
free market economy
mixed economy
traditional
centrally planned economy
27
Match the picture with the appropriate factor of production.
land
physical capital
human capital
labor
28
an economic system in which entrepreneurs and consumers are motivated by self-interest
traditional
centrally planned economy
mixed economy
free market economy
29
All benefits given up in a decision
trade-offs
opportunity costs
losses
costs
30
Who answers the economic questions in a centrally planned economy?
the government
entrepreneurs
economic advisors
entrepreneurs and the government
31
Match the picture to the appropriate factor of production.
physical capital
land
labor
human capital
32
Using the CBA, decide which benefit is the opportunity cost for Option 3.
having an emergency fund
buying things I want
staying current on car payment
staying current on car payment and having an emergency fund
33
Match the picture with the appropriate factor of production.
land
physical capital
human capital
labor
34
The free market focuses on
benevolence, or charity
self-interest and competition
government ownership
taxes and benefits
35
willingly giving up money or another resource because you expect something in return
voluntary exchange
economics
resource
opportunity cost
