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Broad Social Goals Flashcards | StudBud

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Human capital is important because without it people would be able to

The factors of production includes

Broad Social Goals

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1
The factors of production includes
c. Physical capital (equiptments, machinery, computers
d. All of the above
a. Land (all natural resources)
b. Human capital (all of your knowledge and skills)
2
Human capital is important because without it people would be able to
d. all of the above
a. design things
b. create things
b. build
3
^{Economic Freedom ensures that}
d. All of the above
a. consumers has the freedom to start a business
b. decides if they should spend or save their money
c. quit their job or start a new one
4
Important goals of a market economy includes
c. Economic Freedon
a. Economic growth
d. All of the above
b. economic efficiency
5
a. all economic systems deals with the same issue of
c. deciding the 3 economic questions, what, how and who
d. All of the above
b. unlimited wants and unlimited resources
a. scarcity
6
Economic grow ensures that Gross Domestic product increases
d. all of the above
c. Consumers have a job
b. Businesses and doing well
a. atleast 4% annually
7
A public policy alway has
d. none of the above
b. only benefits
a. costs and benefits
c. only costs
8
A mixed economy includes the following elements
a. Economic growth
d. Both a and b
c. Business and consumers owning all the factors of prod.
b. Government owning some of the factors of production
9
This goal ensures that GDP grows 3-5% annually and is important in a
c. Mixed market economy</p>
d.Both C and D
b. Market ecomomy
a. Command economy
10
Labor is an important factor of production because it includes the work people do such as
a. driving a truck
c. building a home
c. working as a cashier
d. all of the above