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Consumer Economic Final Review-Economics Basics Flashcards | StudBud
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Consumer Economic Final Review-Economics Basics
Consumer Economic Final Review-Economics Basics
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Answers
1
Kind of system where most people are farmers and barter and trade for goods. Little surplus.
Command
Market
Mixed
Traditional
2
Advantage: wise use of resources, government balances economy, disadvantage: little freedom
Command
Traditional
Market
Mixed
3
The things used in producing goods or providing services that help supply your wants are...
wants
services
goods
resources
4
Mixture of government control and free enterprise in the economy. Government runs some things.
Mixed
Market
Traditional
Command
5
A depression last longer then a recession!
True
False
6
Export:
to sell abroad
to bring in from foreign markets
a pinch of green giraffes
7
When you have too much of something it is considered a.....
Less
Good times
Shortage
Surplus
8
What happens during expansion?
GDP decreases; unemployment rises.
GDP grows; unemployment declines.
The economy bottoms out.
The economy hits a peak.
9
What is the Gross Domestic Product?
Total goods and services divided by population
The amount of money that a country has
The value of the goods and services produced by a country
The amount of exports in a country
10
Gross national product is:
the value of services produced by an individual
value of all goods in services produced within a country
value of all goods and services produced by the world
goods and services produced inside and outside a country
11
An economy run by the market itself: follows the rules of supply and demand. No gov. involved
Mixed
Command
Market
Traditional
12
A trade barrier is:
A ban on a certain good or service.
Action used to protect industries from competition.
A tax of Imports.
A set amount of a product a country can import.
13
What is an Embargo ?
Opening trade to different countries
Limit on goods
To stop trade on goods
Tax on goods
14
Food, iPhone, vacations to various places, going to a concert, cars, etc. are all examples of..
Our limited resources
Our unlimited wants
15
Someone doing your taxes would be an example of a _________________________.
HR Block
Good
Service
16
WHAT YOU GIVE UP WHEN YOU DO ONE THING OVER ANOTHER is called....
Opportunity Cost
A hard choice
Ecnomics
17
Advantage: the gov. can control some things. Disadvantage blurred line between private & public
Market
Command
Traditional
Mixed
18
Land, Labor, Capital, and Entrepreneurship are the....
4 Parts of Economics
4 Parts of this Unit
4 Factors of Production (4 Types of Resources)
4 Parts of Economics
19
The study of the decisions people make because oftheir unlimited wants and limited resources
Economics
Opportunity Cost
Decision-Making Process
Geography
20
Economy is controlled by the government who owns and operates the manufacturing.
Market
Mixed
Command
Traditional
21
Advantage: don't overuse resources and feel sense of worth, Disadvantage: many live in poverty
Traditional
Command
Market
Mixed
22
Trough
The worst period in the business cycle
Economic Recovery
Low, moderate, severe, and hyperinflation
The growth period in the business cycle
23
A physical object that you want is known as a ______________.
Good
Object
Item
Service
24
what is another word for peak
broom
boom
bust
bomb
25
Tariff Is...
nothing
a limit on the amount of goods imported.
a tax put on imported goods.
government forbided trade.
26
This is what happens when you have unlimited wants, butlimited resources.
Goods
Scarcity
Unhappiness
Resources
27
What is Inflation?
The fall of prices in goods
The rise in prices for goods
The fall in prices for consumer goods
The rise in prices for consumer goods
28
The market demand curve shows
Cost of producing and selling different quantities of a good.
Effect on market supply of a change in the demand for a good or service
Quantity goods that consumers would like to purchase at different prices
29
Advantage the free economy also means other freedoms, Disadvantage no gov. help w/ the economy
Traditional
Command
Market
Mixed
30
What is an import quota?
A tax to raise the price of an imported goods to protect a domestic company
Limiting trade with other countries to protect domestic industries
A law that sets a fixed limit on the amount of imported goods
The ability to produce a product at a lower cost than any other country
