What is tax incentive?

tax imposed to encourage certain behavior or discourage

Human specialization, or the division of labor:

increases output by letting workers take advantage of differences in skills

Rewards that influence your decisions

Which of the following would be an oligopoly:

2 to 4 firms producing 70 to 80% of the output

What is the main advantage of a mixed economy?

resources allocated by both price and government decision

When one company controls a whole industry without any competition

The basic economic problem of scarcity involves...

unlimited wants and limited resources

What are the four main types of economic systems?

Traditional, Command, Market and Mixed

Defined occupations within a society.

What is the function of the opportunity cost ?

To evaluate different investment alterns

Customers are willing to pay and are able to buy

Command Economy Meaning?

one in which a central authority decides what goods will be produced

What is a Traditional Economy?

Based on lineage and familial careers

What is opportunity cost?

giving up the chance to use a resource for one thing instead of another

The Gov. giving money to a company to be more competitive.

What is a market economy?

An economy controlled by supply and demand

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EPF - Unit 1 - Understanding Basic Economics in Society

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Questions 25

Answers

1
Define Scarcity
Needs and wants outweigh the amount of resources available.
A limited amount of resources compared to prices.
A fundamental problem in society.
A social science dealing with people's needs and wants.
2
The point on a supply and demand graph where supply meets demand is known as...
X
The money spot
Point Squared
Equilibrium
3
What is economics?
sales
The study of how goods/ services are produced, and consumed
the study of the government
money remaining from revenues after expenses are paid
4
What is tax incentive?
truly, honestly.
a gift given if you pay your taxes
tax imposed to encourage certain behavior or discourage
scam today before today scams you
5
Human specialization, or the division of labor:
increases output by letting workers take advantage of differences in skills
reduces output by dehumanizing workers
reduces output by discouraging workers from learning a variety of tasks
increases output by allowing workers to each perform a variety of tasks
6
A negative incentive is:
Missed class because you overslept.
Cold because no coat.
A ticket for speeding.
A coke with your lunch.
7
What are incentives?
Rewards that influence your decisions
Rewards that do not influence your decisions
Monetary rewards that influence your decisions
the result of your decisions
8
Which of the following would be an oligopoly:
2 to 4 firms producing 70 to 80% of the output
1 firm producing 95% of the output
12 to 14 firms producing 90% of the output
8 to 10 firms producing 60-70% of the output
9
What Graph is this?
Supply
Demand
10
Which financial incentive involves giving employees a % of money based on the value of sales they make?
Salary
Commission
Piece Rate
Overtime
11
What is the main advantage of a mixed economy?
government can discourage the consumption of bad products
government can encourage consumption of beneficial products
government can stop exploitation from private firms
resources allocated by both price and government decision
12
Whats a monopoly?
A command economy
The monopoly guy had a monocle.
The evil board game
When one company controls a whole industry without any competition
13
The basic economic problem of scarcity involves...
unlimited incomes and limited spending
unlimited resources and limited wants
unlimited wants and limited money
unlimited wants and limited resources
14
What are the four main types of economic systems?
Mixed, Market, Communism and Traditional
Socialism, Capitalism, Mixed and Traditional
Traditional, Market, Mixed and Commonwealth
Traditional, Command, Market and Mixed
15
Job Specialization
Defined occupations within a society.
An item that can help make life easier.
Political, social and financial centers.
A system that uses symbols to represent spoken symbols.
16
The economies of varying countries often vary from each other because they have different
governments
Geography and resources
origins and religions
languages and cultures
17
What is the main force of supply and demand?
Profit
Demand
Competition
Economic System
18
What is the function of the opportunity cost ?
To show how much are you earning
To evaluate different investment alterns
To demostrate business profits
To help the government with its debts
19
What is demand
How much is able to be supplied
How much people want
Amount of product which suppliers will offer to the market at a given price
Customers are willing to pay and are able to buy
20
Command Economy Meaning?
one in which a central authority decides what goods will be produced
one in which someones central authoirty to an item
one in which someones central authority
none of the above
21
What is a Traditional Economy?
Free ideas welcomed
Controlled by government
Based on lineage and familial careers
Allows free exchange
22
What graph is this?
Supply
Demand
23
What is opportunity cost?
the income people have to purchase goods and services
giving up the chance to use a resource for one thing instead of another
the income people receive by taking risks
the methods and labor used to produce a good
24
What are subsidies?
A time of economic hardship in the 1930s in America.
Gov. making supplies cost more to lower competition.
The Gov. giving money to a company to be more competitive.
A tax on an imported good from overseas.
25
What is a market economy?
An economy controlled by the government
An economy controlled by supply and demand
Animals running everything
A totally free economy

EPF - Unit 1 - Understanding Basic Economics in Society Flashcards | StudBud