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1 Fundamental Economic Decision-Making
1 Fundamental Economic Decision-Making
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#economics #fundamental #concepts #grade12
Flashcards
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Questions
35
Answers
1
Economic model for rational decision-making?
production possibilities curve
cost-benefit analysis
voluntary exchange
2
Who answers the 3 Key economic Questions in a command economy?
The Government
Producers and Consumers
Business Owners
3
Specialization, division of labor, investment in technology/education are ways to...
...increase productivity
...increase government regulation
...decrease profitability
4
A more educated, skilled, and productive society usually results in...
the emergence of oligarchies
increased poverty
a higher standard of living
world wars
5
______ is the study of people and the choices they make to overcome scarcity.
Economics
Scarcity
Personal Finance
6
What is NOT one of the 3 Key Questions of economics?
When to produce?
For whom to produce?
How to produce?
What to produce?
7
Manufactured products intended for final sale
Cheap Chinese Junk
consumer goods
capital goods
8
When companies make what people want in a market economy, it shows the power of
rational decision-making
entrepreneurship
consumer sovereignty
9
The unintended effects on a third party when a producer and consumer make a transaction
marginal costs
Externalities
voluntary exchange
10
A key role of a government in a mixed market economy?
allocate resources
determine what to produce
provide public goods and services
11
What would enable this business to produce at point E?
less resources, less capital
more or better resources or technology
punishing slower workers
12
When you sacrifice some of one thing to get more of another
opportunity cost
trade off
efficiency
13
Raylene chooses shoes over earrings. What is her opportunity cost?
value of the Shoes
1 million dollars
value of the Earrings
14
Ron owns a Corn Dog stand. Which factor of production is Ron?
Entrepreneurship
Labor
Human Capital
15
Purchasing a new tractor is an investment in which of the 4 factors of production?
Capital
Land
Labor
16
An economic decision is 'rational' when _____ is greater or equal to _____.
marginal cost; marginal benefit
opportunity cost; trade off
marginal benefit; marginal cost
17
Which broad econ goal is geared towards making the best use of a society's resources?
Efficiency
Freedom
Growth
18
well informed producers and consumers freely engage in honest transactions based on self-interests
marginal analysis
voluntary non-fraudulent exchange
factors of production
19
limited resources and unlimited wants
Trade-Offs
Scarcity
Equity
20
The driving force behind all economic decision-making.
division of labor
scarcity
specialization
21
What does point E represent?
Maximum Efficiency
Inefficiency
Unattainable production
22
Which goal is NOT associated with a market economy?
Efficiency
Equity
Freedom
Growth
23
Buyers and sellers are well informed and both feel better off after a transaction.
voluntary exchange
higher standard of living
government regulation
24
Increasing productivity by investing in capital and technology leads to...
economic equity
government deregulation
a higher standard of living
25
what is the opportunity cost (in Boats) of C to A?
5 Trucks
5 Boats
4 Boats
26
Who answers the 3 Key economic questions in a Market Economy?
Workers
Producers AND consumers
The Government
27
Government stepping in to prevent price gouging is an example of...
deregulation
Regulation
public goods and services
28
A workers time and effort in the production of a good or service
capital
entreprenuership
labor
29
society as a whole benefits from selfish decisions of businesses in a free market
the invisible hand
marginal benefit
market failures
30
Specialized skills and knowledge of workers
entrepreneurship
human capital
labor
31
a key role of a government in a mixed market economy
resolve market failures
redistribute income equally
allocate all resources
32
What does point D represent?
Inefficiency
Maximum Efficiency
Unattainable
33
Manufactured products used in the production of other products
consumer goods
capital goods
Cheap Chinese Junk
34
Which broad goal looks to allocate resources 'fairly' and 'evenly'?
Stability
Freedom
Equity
35
The value of the next best alternative when a choice is made
scarcity
trade off
opportunity cost
