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Economics and Free Enterprise Flashcards | StudBud
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Economics and Free Enterprise
Economics and Free Enterprise
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A review for a test on economics and free enterprise.
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Which is not one of the three questions every society must answer?
When to produce?
For whom to produce?
How to produce?
What to produce?
2
Competing for customers based on reputation, service, or better products...
perfect competition
monopolistic competition
non-price competition
price competition
3
The total dollar value of all final goods & services produced in a nation during a single year.
GNP
OMG
GDP
WOW
4
The value of the next best alternative when one choice is made over another.
trade-off
benefit
cost
opportunity cost
5
Economic Goal:
The desire for an economy to create more goods and services in the future.
economic security
economic freedom
economic growth
economic efficiency
6
Laissez faire means...
government should protect consumers
government should stay out of business
government should provide jobs
government should provide for its citizens
7
GDP =
Great Deal Partnership
Gross Domestic Product
Gross Domestic Porpoise
Grand Domestic Parcel
8
Product, price, place, and promotion.
producer price index
the marketing mix
the promotional mix
marketing concept
9
The government owns most of the factors of production, but people can own their own businesses.
socialism
communism
capitalism
totalitarianism
10
Economic Goal:
Being able to buy what we choose and to work where we want.
economic equity
economic freedom
economic efficiency
economic security
11
The quantity produced per worker per hour.
PPI
productivity
economic indicators
GDP
12
Factor of Production:
All human efforts that go into the production of a good or service.
labor
land
entrepreneurship
capital
13
Economic Goal:
Employees and customers should be treated fairly, and not taken advantage of.
economic growth
economic freedom
economic equity
full employment
14
Economic Goal:
The government tries to protect people from adverse economic conditions.
economic freedom
economic equity
economic security
price stability
15
Economic Goal:
The government makes a huge effort to fight inflation.
price stability
economic equity
economic security
full employment
16
Economy composed of elements of other economic systems.
married economy
mixed economy
command economy
traditional economy
17
The father of modern economics, he wrote
The Wealth of Nations.
John Stossel
Milton Friedman
Adam Smith
Karl Marx
18
Period of at least 6 consecutive months when GDP does not increase.
recession
recovery
depression
trough
19
Struggle between companies for customers.
risk
private ownership
profit incentive
competition
20
Factors of Production:
Gifts of nature.
capital
land
labor
entrepreneurship
21
Measures wholesale prices in the economy.
productivity
inflation
producer price index
consumer price index
22
"The customer is king!"
the promotional mix
the marketing functions
the marketing concept
the marketing mix
23
Factor of Production:
The "extra" or fourth factor of production we talked about in class.
land
labor
entrepreneurship
capital
24
Economic decisions are made by producers and consumers acting in their own self interest.
market economy
socialist
command economy
communist
25
A measure of the change in price over time of a specific group of household goods and services.
producer price index
consumer confidence
productivity
consumer price index
26
Factor of Production:
Goods used to produce other goods and services.
labor
land
entrepreneurship
capital
27
Revenue - (minus) expenses.
costs
gross income
Profit
expenses
28
Economic decisions are made by the government or some central authority.
command economy
market economy
mixed economy
traditional economy
29
A general increase in prices.
stagnation
stagflation
deflation
inflation
30
The fundamental economic problem.
inflation
opportunity cost
economics
scarcity
31
Who is going to do great on this test?
I am!
I am!
I am!
I am!
32
What affects the business cycle, and vice versa?
consumers
all 3 affect the business cycle.
business
government
33
Karl Marx advocated this type of economy.
market
demand
capitalist
command
34
Social science concerned with how people make unlimited choices with limited resources.
psychology
scarcity
demand
economics
35
All factors of production are owned by the government.
socialism
communism
capitalism
democracy
