Economics can be defined as the study of

how limited resources are used to satisfy unlimited wants

Entrepreneurship can be explained by all of the following EXCEPT:

someone who does the same task in the same manner forever

On the model, point B represents a combination of guns and butter that:

can be attained only if all resources are used

In the FACTOR market (The bottom of the circular flow model:

FOB are echanged for income payments

Which of the following best characterizes capitalism as an economic system?

privat ownership and control of the FOP

Every economic system must make choices. Which of the following do ALL economic systems face?

making the best of Scarce resources

studbud

Unit 1: Intro to Economics

18 termsStudBud Administration559 plays

Imported from external platform

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
Economics can be defined as the study of
how limited resources are used to satisfy unlimited wants
how government influences market behavior
how to increase financial well being
how man is superior to animals
2
Entrepreneurship can be explained by all of the following EXCEPT:
a person who takes risks in return for capital gain
a person who combines resources in a new and unique manner
someone who does the same task in the same manner forever
a person who attempts to start a new business
3
The next best choice for the use of a resource is called
price
cost of production
profit
opportunity cost
4
The purpose of government in a command economy is to
promote economic freedom
encourage the formation of corporations
prevent imports
make major economic decisions.
5
Three basic ecnomic questions are:
what, how, and when
why, what, and how
what, where, and when
what, how, and for whom
6
Which of the following is a reason for scarcity?
goods and services are limited
resources are limited
all of the choices
people have unlimited wants
7
Man made tools, equipment and factories used in the production of goods and services are called
capital goods
public goods
government goods
consumer goods
8
All of the following are characteristitics of a traditional economy EXCEPT:
customs
technological change
ritual
habits
9
On the model, point B represents a combination of guns and butter that:
is impossible for this country to attain now
can be attained only if a technological advance
can be attained without using all the country's resources
can be attained only if all resources are used
10
The American system can BEST be described as a
pure market economy
command economy
mixed economy
traditional economy
11
The country of Cuba is closest to a/an _________ economy
communist
socialist
capitalist
market
12
The method used by a society to produce and distribute goods and services is its
sociological system
industrial system
political system
economic systems
13
Which of the following is NOT generally considered to be an ecnomic goal?
economic stagnation
full employment
economic growth
price stability
14
In the FACTOR market (The bottom of the circular flow model:
goods & services are exchanged for consumer expenditures
FOP are exchanged for goods and services.
FOP are exchanged for consumer expenditures
FOB are echanged for income payments
15
The economic system closest to the pure command model is:
communist
capitalist
socialist
traditional
16
Each of the following is a factor of production EXCEPT:
labor
wages
land
capital
17
Which of the following best characterizes capitalism as an economic system?
privat ownership and control of the FOP
public ownership and control of the FOP
private ownership but public control of the FOP
Public ownership but private control of the FOP
18
Every economic system must make choices. Which of the following do ALL economic systems face?
making the best of Scarce resources
dispensing with production of luxuries
Balancing the Gov. Budget
saving money & reducing national debt

Unit 1: Intro to Economics Flashcards | StudBud