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Economics!!!!!! Flashcards | StudBud
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Economics!!!!!!
Economics!!!!!!
17 terms
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StudBud Administration
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#Mr. Brunson #ParcellsMiddleSchool
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
Who was Boris Yeltsin?
A popular leader from the Soviet Union.
A teacher who wanted to change how Economics was taught.
A famous Russian Bodybuilder
An american who visited United Kingdom.
2
What shocked Boris Yeltsin when he came to America?
The availability of goods in grocery stores.
How much money Americans spend.
How much Americans eat.
How much Americans play fortnite.
3
How does a traditional economy look?
Custom and tradition dictate what to produce.
None of the above
How money is spread around the world
Government dictates what to produce
4
What is one example of a command economy?
North Korea
Germany
None of the above
Mexico
5
Which country has the biggest Economy
China
United States
Mexico
None of the above
6
You can either hang with friends, or go on family trip. You choose family trip. Opp. Cost is??
Hang with friends
Family Trip
7
What are economic systems?
How much wealth people have
None of the above
How much money the world has
Society coordinates the production and consumption of goods
8
The U.S. decides to spend 1 billion dollars on the NASA program instead of putting it toward education. What is the O.C?
The U.S.
None of the Above
Education
NASA
9
What is Economic Efficiency?
The cost of machines.
All of the above
An efficient economy that makes the most of resources.
How engines work
10
What is opportunity cost?
None of the above
The ability to make a decision
The second best alternative that must be given up.
The first best alternative that must be given up.
11
What is Economic Freedom?
"He needs some milk"
Make own economic decisions without interference government.
The way a government watches their national budget.
A democracy who runs the government both fair and justly.
12
All of the following describe grocery stores in many countries except....
Free Food
Long Lines
Empty Store shelves
Lack of employees
13
what is a market economy?
Newest economic system to emerge in human history
All of the above
The oldest economic system
An economy based off a market
14
Command Economy
A powerful ruler makes all economic decisions
How consumer command the economy
Demand on products
Supply of products
15
What is a traditional economy?
All of the above
The first and oldest economic system
The newest economic system
How goods move from one country to another.
16
Who controls the economy in a market economy?
Law enforcement
Consumers
All of the above
Government
17
What is Economic Equity?
The fair and just distribution of a society’s wealth.
How much we spend in a year.
What allows the government to spend money on our military.
How much money the president has.
