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Duplicate of Economic Fundamentals (Milestone)
Duplicate of Economic Fundamentals (Milestone)
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StudBud Administration
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Review of Fundamental Economics Concepts GPS for the Milestone Exam.
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Any resource made by humans and used to create other resources
labor
land
services
capital
2
The fundamental problem of economics is
Unlimited needs
The Product Market
Command Economies
Scarcity
3
What type of economy is represented here?
Traditional
Market
Mixed
Command
4
In a circular flow model who buys goods and sells the factors of production
Firms
Households
5
A taxi cab drivers knowledge of the city streets would be considered
Physical Capital
Human Capital
Land
Entreprenuership
6
This man started a business. He represents which productive resource?
Land
Entrepreneurship
Capital
Labor
7
How do consumers BEST make their desires known to businesses
boycotting
buying goods
lobbyists
surveys
8
What is the opportunity cost of getting a Coke from this vending machine?
The Pepsi
The Coke
$1.00
9
Which of the following is not a productive resource
Entrepreneurship
Labor
Land
Government
10
Which productive resource does this represent?
Land
Human Capital
Labor
Firms
11
Laizzez Faire is associated with
command economies
mixed economies
market economies
traditional economies
12
When people are deciding how much more or less to do they are....
thinking at the margin
avoiding rational though
Thinking critically
creating economic analysis
13
In reality, most economies are ________________.
Traditional
Market
Command
Mixed
14
Who makes the decisions in a market economy
Individuals
The government
Tradition
Individuals and the Government
15
North Korea, China, and Cuba are all examples of...
Market Economies
Traditional Economies
Command Economies
16
In a circular flow model, who sells products and buys factors of production
households
firms
17
The most desirable alternative forgone when a choice is made
Scarcity
Rational Decision
Trade-off
Opportunity Cost
18
Which of the following IS NOT a key economic question
What goods and services to produce
Who makes decisions
How to produce goods and services
Who will consume goods and services
19
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
The $10 and the movie.
The movie
The dinner
the $10
20
Which economic system gives individuals the most freedom?
market
mixed
traditional
command
21
The top half of this chart represents
The scarcity market
The factor market
firms
The product market
22
A warehouse building is an example of
labor
capital
entreprenuership
Land
