If the government receives more in taxes than it is paying out, it is said to be

Operating under a budget surplus

What are the two popular forms of economic models?

the tabular model and the line graph

What are the four factors of production?

land, labor, financial capital, entrepreneurship

Complete the list - The 5 participants in circular flow activities.. households, business firms

government, the financial market, the Federal Reserve System

Payments of goods or services to persons for which no specific economic repayment is expected

These are known as Transfer Payments

When government spending exceeds the amount it receives in taxes, it is said the government is

Operating under a budget deficit

What are the two purposes for economic models?

for instruction and for predicting future events

Economists consider households to be saving whenever

money is put into a financial institution

What four payments do business firms make in exchange for the factors of production?

rent, wages, interests, and profits

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Economics - Basics Vocabulary 3

15 termsStudBud Administration14 plays

An #Economics quiz based on the introductory principles of the subject.

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Questions 15

Answers

1
If the government receives more in taxes than it is paying out, it is said to be
Operating under a budget deficit
Operating under a budget surplus
Operating under a budget dissaving
Operating under a budget altruism
2
Which country profile is mentioned in Chapter 4 of your textbook?
France
Kenya
United Kingdom
Saudi Arabia
3
Government borrowing leads to a problem called..
crowding out
nuisance goods
consumption expenditures
budget deficit
4
When money is withdrawn from an account or borrowed, economists term this as
dissaving
saving
channeling
investing
5
What are the two popular forms of economic models?
the circular flow model and the financial market model
the tabular model and the schedule model
the tabular model and the line graph
the circular flow model and the schedule model
6
What are the four factors of production?
rent, wages, interests, and profits
north trade, south trade, east trade, west trade
land, rent, labor, and wages
land, labor, financial capital, entrepreneurship
7
The financial market is also known as..
the foot of the economy
the head of the economy
the heart of the economy
the hands of the economy
8
Complete the list - The 5 participants in circular flow activities.. households, business firms
schools, churches, banks
government, the financial market, the Federal Reserve System
schools, banks, governments
governments, private sector, public sector
9
What do we call the total of all goods and services businesses produce and sell to households?
budget deficits
real capital
gross national product
financial capital
10
Payments of goods or services to persons for which no specific economic repayment is expected
These are known as Back Payments
These are known as Surplus Payments
These are known as Deficit Payments
These are known as Transfer Payments
11
When government spending exceeds the amount it receives in taxes, it is said the government is
Operating under a budget deficit
Operating under a budget surplus
Operating under a budget altruism
Operating under a budget dissaving
12
What are the two purposes for economic models?
for instruction and to redistribute income
to provide incentives & to redistribute income
for instruction and for predicting future events
to provide incentives and to predict future events
13
Economists consider households to be saving whenever
money is withdrawn from an account or borrowed
money is put under the bed
money is put into a savings jar
money is put into a financial institution
14
What model attempts to explain how an entire national economic system works?
the tabular model
the circular flow model
the line graph
the schedule model
15
What four payments do business firms make in exchange for the factors of production?
land, labor, financial capital, entrepreneurship
north pay, east pay, south pay, west pay
land, rent, labor, and wages
rent, wages, interests, and profits

Economics - Basics Vocabulary 3 Flashcards | StudBud