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Civics and Economics CE.11 Flashcards | StudBud
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Civics and Economics CE.11
Civics and Economics CE.11
20 terms
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StudBud Administration
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A Quiz to prepare for the unit test.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The basic questions of economics
For whom it will be produced
How it will be produced
What will be produced
2
Demand is the amount of goods consumers of willing to buy
False
True
3
Free Market
Competition
Private Ownership
Producer sovereignty
Profit Motive
4
Second best choice
Opportunity cost
cost of opportunity
5
Which government is minimally involved
Free Market
Command
6
Which economy has central planning
Command
Mixed
Free market
7
Price is determined by supply and demand
True
False
8
Law of Supply
Producers will sell more when they can sell it at lower
Producers will sell more when they can sell it at higher
9
Private Property
Individuals and business have the right to personal property
Individuals and don't have the right to personal property
10
Profits consists of earning minus expenses
Profit
Profit motive
11
Because of _____, consumers producers and government decision makers are forced to make choices
Scare City
Resources
Scarcity
Opportunity Cost
12
Combining Human Natural Capital and Entrep to make goods and services
Production
Scarcity
13
Supply is the amount of goods or service that producers are willing to sell
True
False
14
Rivalry between consumers or producers
Competition
Consumer sovereignty
15
What are the characteristics of a Mixed economy
Individuals and businesses make the private sector
The government make the public sector
16
Factors of Production
Capital
Natural
Human
Entrepreneurship
17
We have unlimited wants but are resources are
unlimited
limited
18
Free Enterprise
Markets are not allowed to operate without the government
Markets are allowed to operate without the government
19
Traditional economies
economic decisions are based on customs
Decisions are based on customs
20
What are the characteristics of a Command economy
Central Planned economy
Central ownership
Lack of consumer choice
