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Economics Unit 1 Review Flashcards | StudBud
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Economics Unit 1 Review
Economics Unit 1 Review
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Economics basics review
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
Is credited with the idea of a communist society
Mao Tse Tung
Karl Marx
Isaac Newton
Adam Smith
2
Working hard because you want to make more money
corruption
entrepreneurism
private property
profit motive
3
Which is NOT part of the government's role in the American economy?
Dictator
Protector
Consumer
Provider
4
Using state owned and provided resources to produce goods is characteristic of . . .
traditional economies
mixed economies
command economies
market economies
5
The economist who wrote about CAPITALISM
Freidrich Engels
Isaac Newton
Karl Marx
Adam Smith
6
The American economy can be
best
described as . . .
free enterprise
communist
mixed socialism
pure market
7
Conserving and protecting fresh water sources is important because . . .
water can only be regenerated on Mars
fish like fresh water better
water is a scarce resource
eventually we'll run out of bottles to put it in
8
Using resources to complete a task quickly and without waste is . . .
economic efficiency
economic security
economic equity
economic freedom
9
The struggle among sellers to attract consumers
competition
capitalism
elections
rat race
10
Economics is . . .
study of how people trade across oceans
study of how people satisfy wants with scarce resources
study of how people interact in the business world
study of how people make as much money as possible
11
When buyers and sellers freely and willingly engage in transactions we have . . .
market interaction
voluntary exchange
marketplace boogie
bartering
12
The best Jonas Brother is
Kevin
Joe
Frankie (it's not Frankie, sorry)
Nick
13
Frank is going to be a garbage man because government says so. This is characteristic of . . .
market economies
command economies
traditional economies
mixed economies
14
Man made tools, equipment and factories used to produce other goods and services
LAND
CAPITAL
LABOR
ENTREPRENEURSHIP
15
Which of the following is a service?
pedicure
BMW X5
Yeti cooler
Microsoft Word software
16
All natural resources are classified as . . .
LABOR
CAPITAL
LAND
MOTHER EARTH
17
Which of the following is a NEED?
car
money
groceries
cell phone
18
Which is not an essential economic question?
What to produce
How to produce it
For whom to produce
How to ensure we get paid
19
Juan is going to be a carpenter because his dad is a carpenter. This is characteristic of . . .
mixed economies
traditional economies
market economies
command economies
20
Individuals owning private property is characteristic of . . .
command economies
mixed economies
market economies
traditional economies
21
A good intended to last 3 or more years
good good
capital good
consumer good
durable good
22
True or false? China is a communist society.
FALSE
TRUE
23
All the alternatives given up when one makes a final decision
opportunity cost
losers
options
trade-offs
24
Theresa started her own pet store because she loves animals. This is characteristic of . . .
market economies
traditional economies
mixed economies
command economies
25
Work that is performed for someone else for pay
tranference
service
servable good
good
26
Holds the power in the American free enterprise economy
entrepreneurs
consumers
Donald Trump
government
