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Economics -T2-FINAL Exam Review (2025) Flashcards | StudBud
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Economics -T2-FINAL Exam Review (2025)
Economics -T2-FINAL Exam Review (2025)
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Midterm Preparation Review
Flashcards
31 cards
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Questions
31
Answers
1
What happens when the
supply is high and the demand is low
?
Prices go crazy and have a party
The Prices tend to increase
The Prices tend to fall
You have a equlibram
2
What is
Financial Literacy
?
Having knowledge on the management of money.
Opening a bank account.
Spending your money once you get paid.
Depositing a check.
3
Demand is
another name for a service
a name of a coin used in the Caribbean
the number of people who want or need something
the amount of something that is available
4
What is an
economic system
?
A system where power distribution is included.
The ways in which society answers the economic questions.
the ability to produce more of a given amount of resources.
A system on private ownership trade between buyers & sellers.
5
Who determines
demand
?
The Buyers
The Sellers
6
As an
Entrepreneur
, it means that you are the person who is-
Using all of your money to start a business.
Taking the most risk!
Making the most money.
Travelling all over the country.
7
The
most
employment loses
were among women
True
False
8
What is
financial Literacy
?
basic financial knowledge
money reading
boring....
That class taught by Mr. Bashir
9
Human capital
is
The skills, knowledge, and experience possessed by and individual
The skills, knowledge and money possessed by an individual
The knowledge, skills, and land possessed by an individual
The demand, knowledge, and skills possessed by an individual
10
When making decisions, most people and the government will consider these two things-
How long it will take to get the items and from what distance.
What the trade-off will be if you don't buy that item quickly.
The cost of the items and availability
Needs vs Wants
11
You are considered a
Generation Z baby
if you were born.....
From 1996 to 2012
From 1979 to 1985
From 1964 to 1978
From 1946 to 1964
12
The difference between
physical capital and human capital
is that
human capital
includes the following-
Objects and useful items
Physical Strength
People who handle packages
Skills and Experience
13
Money from taxes is used to pay for services that are provided by the government.
False
True
14
Economic systems regulate
the factors of production, including
land, capital, and labor
False
True
15
We all
desire
things that we may not have, it is referred to as a -
Need
Want
A brand new car
a life!
16
Which of these are
not
the
4 factors of production
?
Land
Labor
Employees
Captial
17
What are the
factors of production
?
Donald Trump
Capital, entrepreneurship, Laziness, Do Nothings
Land, Labor, Capital, entrepreneurship
Land, Labor
18
When countries decide to either to
produce military supplies
over consumer goods, economist refer to this as-
Peanut butter & Jelly
Ham & Cheese
Bacon & Eggs
Guns vs Butter
19
What is
Economics
?
The study of how we make decisions with limited resources
How we allocate money to certain policies and the money.
How things are made, bought sold and used
Money, Stock market, and purchasing decisions
20
Supply and Demand -It is the main model of
price determination
used in economic theory.
True
False
21
Paying your taxes by April 15
duty
responsibility
22
To answer the
three (3) questions of economics
involves of the following, except.....
How to produce
For whom to produce
When to produce
What to produce
23
Factors Of Production is
?
Lans, Labor, Capital
Land, Labor Capital
Land, Ladder, Capital
Kentucky, Fried, Chicken
24
A typical example of a
Traditional Economy
, would be one of the following-
Manufacturing warehouse
motorized conveyor belts
Trading & Batering
Use of drones to deliver packages
25
To be considered as a part of the
Labor Force,
means that you are ........?
A full time student
A retiree with a pension.
16 years of age , have worked 1 hour of pay or free on the family farm.
A stay home parent, taking care of young children.
26
When it comes to
Opportunity Cost
, it is the next best or desirable choice or the one you did not take (true or false)
True
False
27
What is a
budget
?
A collection of investments
A written plan for spending, saving, and investing the money you earn
An expense list
A bank account
28
A
mixed economy
is a mix of which
2 economic systems?
Market and command
Traditional and command
Market and socialist
Command and free-enterprise
29
All are economic systems
except
........
Free Market Economy
Command Economy
Banking System Economy
Mixed Economy
30
An
Entreprenuer
is…
A person who starts and owns a business
A person who is lazy
A person who works for the government
A very good worker
31
What is
Economics
Making decisions to satisfy human needs
Making investments in the New York Stock Market
Being able to purchase a real estate property
making decisions to satisfy human needs & wants
