Goods used for further production

Economics Fundamentals Flashcards

1

Entrepreneurship involves?

Physical talents
Innovation
Produced goods
Natural resources

2

Socialism is a ___________ economy

Mixed
Rigid
Command
Market

3

"Who gets what’s produced?" is economic question #

Economic question #3
Economic question #1
Economic question #2
Economic question #4

4

Labor includes?

Physical talents
Innovation
Natural resources
Produced goods

5

"How are you producing it?" is economic question #

Economic question #3
Economic question #2
Economic question #4
Economic question #1

6

Mixed economy combines?

Both systems
Command only
Market only
Neither system

7

Capital refers to?

Innovation and knowledge
Natural resources found in land
Physical and mental talents
Goods used for further production

8

Nonrenewable resources can be replaced

False
True

9

Economic growth focuses on?

More choices
Fair participation
Basic needs met
Strong economy

10

What is economic efficiency?

Creating more choice
Ensuring fairness
Maximizing production
Meeting basic needs

11

Capitalism is a ________________ economy

Command
Fluid
Market
Mixed

12

"What are you producing?" Is economic question #

Economic question# 1
Economic question #2
Economic question #4
Economic question #3

13

Economic freedom means?

Basic needs met
Strong economy
More choices
Fair economy

14

Land includes natural resources

True
False

15

Intangible means?

Felt by touch
Cannot be felt
Renewable
Nonrenewable

16

Tangible means?

Cannot be felt
Nonrenewable
Felt by touch
Renewable

17

Economic equity aims for?

Basic needs met
More choices
Strong economy
Fair participation

18

Economic security ensures?

Strong economy
Fair economy
More choices
Basic needs met

19

Renewable resources are limited

True
False

Economics Fundamentals

Questions 19

Economics Fundamentals

Questions 19