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Unit 1 Foundations of Economics Flashcards | StudBud
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Unit 1 Foundations of Economics
Unit 1 Foundations of Economics
14 terms
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StudBud Administration
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unit 1 review for CDH Economics
Flashcards
14 cards
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Questions
14
Answers
1
Why are BUTCHERS motivated to produce steak
because consumers eat steaks
because it is the only meat that comes from a cow
because they can make a profit off of steak
because of government regulations
2
This economic system places economic freedom as the most important goal
command
traditional
mixed market
market
3
The condition in which economic resources are not being used to their full potential
scarcity
opportunity cost
efficiency
under utilization
4
Scarcity is when needs and wants are BLANK what is available
greater than
Equal to
less than
not aware of
5
in this system people and businesses and people answer the three basic questions
traditional
mixed market
market
command
6
What is the economic term given to an individual that can produce more than another
Comparative Advantage
Trade off
Absolute Advantage
Opportunity Cost
7
the study of how individuals and societies satisfy their unlimited wants with limited resources
Capitla
Economic Systems
Economics
Entrepreneurship
8
This system is found in countries where the government makes all the decisions
traditional
Mixed Market
market
command
9
Which of the following economists is the father of the command economic system
Tom Brady
Karl Marx
Adam Smith
John Meynard Kaynes
10
Which of the following is an example of entrepreneurship
the money used to invest in a company
Bill Gates
the skills of the labor force
the buildings lot
11
the value of the next best alternative or what you give up
comparative advantage
opportunity cost
absolute advantage
scarcity
12
This system is based on tradition
mixed market
market
command
traditional
13
Which of the following is NOT one of the basic ideas of free market system
competition creates better products
everyone had the same economic rights
People do what is best for themselves
there is government control of businesses
14
This system gives individual people the most incentive to work hard
market
mixed market
traditional
command
