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Civics: Gov't & Econ.: 13 Flashcards | StudBud
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Civics: Gov't & Econ.: 13
Civics: Gov't & Econ.: 13
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1
where people decide how to save resources as capital and use it to produce goods & services
capitalism
communism
consumerism
socialism
2
What is the second major decision made in an economy?
Who gets the goods and services?
What and how much is produced?
Who protects the environment?
How are goods and services produced?
3
the buying or using of goods and services
communism
consumerism
consumption
capitalism
4
Which statement is true?
People who live in the same place have the same wants.
Many wants may occur over and over again.
People are satisfied if their basic wants are met.
People’s wants never change.
5
anything produced in an economy that is used to produce other goods and services
free enterprise
capital
capitalism
market
6
Which of the following is an example of free enterprise?
government price limits on oil
privately owned shops that sell consumer goods
public education
food awarded on basis of an individual’s role in the hunt
7
In this country, who makes the first decision?
people who own resources
laborers
distributors
people who will buy the product
8
To produce goods and services, labor, land, and capital combine in a
opportunity cost
all of these
distribution cycle
production process.
9
How has technology affected the economy of the United States?
has reduced production costs
has had little or no effect
has reached few Internet buyers
has increased production costs
10
an economy in which basic decisions are made according to custom
market economy
traditional economy
command economy
mixed economy
11
the government or a central authority makes basic economic decisions
mixed economy
traditional economy
command economy
market economy
12
Hunters probably hunt the same game by the same methods in a
mixed economy
command economy
market economy
traditional economy
13
What is the first major decision made in an economy?
How are goods and services produced?
Who gets the goods and services?
How can wants be satisfied?
What and how much is produced?
14
where private individuals make own decisions about production, distribution, and consumption
market economy
free enterprise
opportunity cost
capitalism
15
process by which goods and services are made available to the people who want them
capitalism
consumerism
invest
distribution
16
where individuals are free to undertake economic activities with little or no gov't control
free enterprise
market economy
opportunity cost
capitalism
17
Private individuals own the factors of production in a
traditional economy
command economy
mixed economy
market economy
18
Which economic decision might a farmer make?
what crop to grow
what kind of equipment to use
all of these
whether to use pesticides
19
What is the third major decision made in an economy?
How are goods and services produced?
How are goods and services divided?
How can wants be satisfied?
What is produced?
20
Competition and profit-seeking play a large role in
traditional economy
market economy
command economy
mixed economy
21
when resources are always limited compared with the number and variety of wants people have
profit
scarcity
loss
distribution
22
Which is considered capital when used to produce goods and services?
skills
water
machines
time
23
In today’s world, most countries have a
traditional economy
command economy
market economy
mixed economy
24
difference between what it costs to produce something and the price the buyer pays
profit
consumerism
capitalism
opportunity cost
25
how much
quail
quality
quiet
quantity
26
Which of the following is an example of scarcity?
communism
Japan can't grow enough food
want of winter clothes
plants need soil & water
27
Limited resources compared to people’s wants is known as
opportunity cost
profit
capital
scarcity
28
an economy that is a combination of the three basic systems
command economy
mixed economy
market econmy
traditional economy
29
Which of the following is an important feature of capitalism?
capital is privately owned
capital is government owned
all of these
use of capital is controlled by tradition
30
the practical application of science to commerce or industry
technology
capitalism
consumption
distribution
31
someone decides that the cost of taking a job is greater than its benefits, decision was based
on opportunity cost.
on scarcity.
on capitalism.
on consumption.
32
The government usually owns important parts of the economy in a
market economy
command economy
mixed economy
traditional economy
33
use your money to help a business get started
invest
profit
capitalism
consumption
34
People looking for a profit may hope that
all of these
production costs will be lower than price paid by the buyer
their investment in a new business will help it grow.
their product or service will be better than a competitor’s.
35
It is true for all economies that people
make choices about wants.
have the same wants
all of these
satisfy each want only once.
36
A society that values freedom might
all of these
share products equally.
control all economic decisions.
let citizens compete for products.
37
What influences how a society makes the three basic economic decisions?
the available resources
the wants that people have
the society’s goals and values
the technology level used by labor
38
Which are examples of people’s basic wants?
education and health care
freedom & knowledge
all of these
food and shelter
39
resources for producing goods and services to satisfy people’s wants
capitalism
factors of production
opportunity cost
invest
40
benefit given up when scarce resources are used for one purpose instead of another
employment cost
capital cost
profit cost
opportunity cost
41
The three basic factors of production are
labor, land, capital.
soil, water, timber.
tools, machines, buildings.
money, knowledge, skills.
