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Ecocnomic Systems Flashcards | StudBud
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Ecocnomic Systems
Ecocnomic Systems
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Answers
1
Investments in human capital include spending money for what?
On-the-job training & Education
factories & highways
trucks & buildings
machinery & tools
2
The total value produced by all the people & businesses in a country in 1 year.
GDP Growth
Recession
GDP
GDP Increase
3
act of organizing to create a new good or services
entrepreneurship
interviewing
hiring extravaganza
job fair
4
ability to read or write
capital
human capital
laissez-faire
resource
5
Trade barrier involves adding special tax onto goods brought into the country?
Tariff
Voluntary exchange
Quota
Embargo
6
The typical relationship between a country’s investment in human capital and its GDP?
Human Capital
Investments in human capital increase a country's GDP.
Workers can produce goods and services worth more money.
market economy
7
What does GDP stand for?
Grand Domestic Plan
Great Dynasty Product
Gross Domestic Product
Goods Distribution Program
8
What is the money people use in a country called?
Exchange
Currency
Voluntary
Trade
9
Which of these countries has the largest economy?
Mexico (GDP = 1.2 trillion)
United States (GDP = 17 trillion)
United Kingdom (GDP = 3 trillion)
China (GDP = 9 trillion)
10
What is the currency of Mexico?
Dollar
Franc
Peso
Dinero
11
land, minerals, and forests are resources from nature
outback
topography
nature
natural resources
12
People use the resources they have to make only what they need to survive.
GDP per Capita
Market Economy
GDP (Gross Domestic Product)
Traditional Economy
13
robot technology and computers
STEAM
capital
aerodynamics
electronics
14
knowledge of chemistry and skills for operating heavy machinery
certification
experience
human capital
skills
15
The average value per person of everything produced in a country in 1 year.
Inflation
GDP per Capita
GDP
GDP Growth
16
Makers & consumers decide how to use resources & make goods based on supply & demand in the market, without government.
Traditional Economy
Market Economy
Mixed Economy
Pure Command Economy
17
Which is most likely to be in a country with a high literacy rate?
little investment in human capital
too much investment in capital resources
a high standard of living
a low standard of living
18
The increase in the total value of everything produced in a country from 1 year to the next.
Revenue
GDP Growth
Dow Jones Crash
GDP per Incline
19
Government exercise the most control of this economy?
Mixed Market Economy
Pure Market Economy
Pure Command Economy
Command Economy
20
GDP per capita takes a country’s _______________ into account when measuring the economy’s productivity.
education
labor
population
human capital
21
Many people shop at this market because the produce is fresh & the price is lower than the grocers. The ______economy?
Pure Command Economy
Mixed Economy
Traditional Economy
Market Economy
22
Provides individuals and private businesses with the most economic freedom?
Planned Economy
Traditional Economy
Mixed Economy
Pure Market Economy
23
How can you tell if a country’s economy is growing?
Its GDP per capita decreases over time.
Its GDP decreases over time.
Its GDP increases over time.
Its GDP per capita increases over time.
24
the knowledge skills and experience of workers
employment
human capital
entrepreneurship
resources
25
What is an example of human capital?
the buildings, equipment, and property of a business
Country's standard of living
the cash a business has to spend
the workers of a business or country
26
What does a country’s GDP measure?
the total value of imports and exports for 1.5 year
the total cost of producing all goods and services for 1 year
the total value of all goods and services produced in 1 year
the total value of imports and exports for 1 year
27
To help the U.S. sell more cars, some people want to put a limit on cars imported from other countries. This is called..
Embargo
Quota
Tariff
Limitation
28
man-made resources like factories, machines, and technology
capital
natural resources
entrepreneurship
human capital
29
What is literacy?
the ability to make money
the ability to do math quickly
the ability to work
the ability to read and write
30
Which are considered
Natural Resources?
teachers, nurses, welders, electricians -
trees, water, fish, fertile soil
people who produce goods and services to earn a profit
buildings, factories, machines, tools
31
A high literacy rate often results in _______________?
a high standard of living
high entrepreneurship
low entrepreneurship
low entrepreneurship
