Economic systems are measured in 6 ways. Freedom in this regard is described as...

ability to make our own economic decisions; no government

This chart is considered a(n):

Productions Possibilities Curve

Opportunity cost is...

the best thing that you give up (2nd) when making a decision

What role does government play in the circular flow model?

Found between businesses/firms and households

What do households do?

Use land/labor to purchase finished products/services

The area below the production curve demonstrates

An area that demonstrates wasted resources

The area above the production curve demonstrates:

An area that is unattainable because of scarcity

Which definition of "economics" is correct?

Studying the choices people make when dealing with scarcity

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Economics

20 termsStudBud Administration678 plays

An econ quiz for high school freshmen

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Questions 20

Answers

1
Business owners decide who, what, how many; based on profit
Traditional
Market
Command
Mixed
2
Business owners make decisions, like releasing new games close to the holidays. Some regulation
Market
Command
Mixed
Traditional
3
If a company chooses to produce 5 squares, how many triangles can they produce?
0
4
6
2
4
Which numbers show goods and services?
3, 9
4, 10
2, 8
1, 7
5
Economic systems are measured in 6 ways. Freedom in this regard is described as...
producing more and better goods and services
ability to make our own economic decisions; no government
making the most of society's resources
the fair and just distribution of a society's wealth
6
This chart is considered a(n):
Circular Flow Curve
Productions Possibilities Curve
Economics Curve
Opportunity Cost Curve
7
Opportunity cost is...
the price difference between choices you can make
all the options you have when making a choice
the best thing that you give up (2nd) when making a decision
study of how prices of products and services are determined
8
What role does government play in the circular flow model?
Use money to purchase products/services
Use land/labor to purchase finished products/services
Found between businesses/firms and households
Use resources to produce products/services
9
Offered: Twizzlers, Starbursts, and Airheads. I choose Starburst, what is the opportunity cost?
Cannot be determined
Twizzlers
Airheads
Twizzlers and Airheads
10
Families grow their own food, stock up, and rely on neighbors
Command
Traditional
Mixed
Market
11
Which numbers show the flow of factors of production?
3, 9
4, 10
1, 7
2, 8
12
What do households do?
Use money to purchase products/services
Use land/labor to purchase finished products/services
Use resources to produce products/services
13
Who deals with scarcity?
The rich living in rural areas
The middle class living in suburbs
Everyone
The poor living in urban areas
14
The area below the production curve demonstrates
An area that demonstrates production has stopped
An area that is unattainable because of scarcity
An area that demonstrates production can begin
An area that demonstrates wasted resources
15
Goods and services that people count on, available when we want them, is known as:
equity
freedom
stability
efficiency
16
The area above the production curve demonstrates:
An area that is unattainable because of scarcity
An area that demonstrates wasted resources
An area that demonstrates that production has stopped
An area that demonstrates that production can begin
17
State planners decide who, what, how many; need-based
Command
Market
Mixed
Traditional
18
______ use goods and services created by _______.
Households; businesses/firms
Producers, consumers
19
Which definition of "economics" is correct?
Studying the use and production of money in an economy
Studying the choices people make when dealing with scarcity
Studying the history of money and its impact on society
Studying the stock market and the changes that influence it
20
Scarcity exists when human ___ are greater than ____.
Wants; resources
Needs; resources
Resources; needs
Resources; wants

Economics Flashcards | StudBud