Econ Unit 1--MurphSS5

Question 1

This characteristic of Free Enterprise is when people are free to risk their wealth in a business venture to get profits

Accepted Answer

Profit Motive

Question 2

This is a manufactured good that is used to produce other goods or services

Accepted Answer

Capital Good

Question 3

This is the fundamental problem of Economics

Accepted Answer

Scarcity

Question 4

This is a graph that shows the various combinations of goods/services that can be produced when all resources are used

Accepted Answer

Production Possibilities Frontier

Question 5

This is work that is performed by someone (haircuts, doctor visit, lawyers)

Accepted Answer

Service

Question 6

This is the process of creating goods and services

Accepted Answer

Production

Question 7

This is an economic system where the allocation of scarce resources is dictated by habit, ritual, or custom

Accepted Answer

Traditional Economy

Question 8

Where producers sell their goods and services to consumers

Accepted Answer

Product Market

Question 9

In this role, the Gov't provides national defense, funds education & public welfare programs, operates libraries & parks

Accepted Answer

Provider & Consumer

Question 10

This means prices are falling

Accepted Answer

Deflation

Question 11

This term refers to the goal of creating as many jobs as possible in an economy

Accepted Answer

Full Employment

Question 12

An economic system where competition is allowed to flourish with a minimum of gov't interference

Accepted Answer

Free Enterprise

Question 13

This economic/social goal is where people want to be able to make their own economic decisions

Accepted Answer

Economic Freedom

Question 14

This is when a person, group, or region performs tasks that they can do more efficiently than others

Accepted Answer

Specialization

Question 15

This characteristic of Free Enterprise is the privilege that entitles people to own and control possessions as they wish

Accepted Answer

Private Property Rights

Question 16

This is an economic system where people and business act in their own best interests to decide how to allocate resources

Accepted Answer

Market Economy

Question 17

This is an alternative choice when you make an economic decision

Accepted Answer

Trade-off

Question 18

This type of good is intended for final use by individuals

Accepted Answer

Consumer Good

Question 19

In this role, the Gov't watches over interstate commerce, communications, regulates banking, utilities, car registration

Accepted Answer

Regulator

Question 20

This factor of production refers to natural resources not created by humans; forests, minerals, livestock, climate, etc.

Accepted Answer

Land

Question 21

This is a useful item that satisfies an economic want

Accepted Answer

Good

Question 22

This is a way of expressing a need

Accepted Answer

Want

Question 23

These people have the real power in a market economy because they decide ultimately what will be produced

Accepted Answer

Consumers

Question 24

This economic/social goal attempts to use the factors of production wisely to prevent waste

Accepted Answer

Economic Efficiency

Question 25

Which of the following is not one of the three basic questions of economics?

Accepted Answer

When to produce

Question 26

This is worth that can be expressed in dollars and cents

Accepted Answer

Value

Question 27

A situation where some necessities (like water) have little monetary value, while some non-necessities do (diamonds)

Accepted Answer

Paradox of Value

Question 28

This characteristic of Free Enterprise is the struggle among sellers to attract buyers while lowering cost and prices

Accepted Answer

Competition

Question 29

This term refers to the quality of life based on the possession of the necessities & luxuries that make life easier

Accepted Answer

Standard of Living

Question 30

This is any item that lasts more than three years when used regularly (ex: washers and dryers)

Accepted Answer

Durable Good

Question 31

This economic/social goal is demonstrated by the fact that most Americans want some protection from bad economic times

Accepted Answer

Economic Security

Question 32

This economic/social goal is demonstrated by the fact that most Americans have a strong sense of fairness & justice

Accepted Answer

Economic Equity

Question 33

This is a basic requirement for survival; it inclused food, clothing, and shelter

Accepted Answer

Need

Question 34

This is a location or way that allows buyers and sellers to exchange products

Accepted Answer

Market

Question 35

This is an economic system in where private citizens, many of whom are entrepreneurs, own the factors of production

Accepted Answer

Capitalism

Question 36

In this type of economy, people are free to make economic decisions, but are subject to gov't regulation & intervention

Accepted Answer

Mixed Economy

Question 37

This is an organized way of providing for the wants and needs of people

Accepted Answer

Economic System

Question 38

This means prices are rising

Accepted Answer

Inflation

Question 39

This is an economic system where a central authority (the Gov't) makes all of the what, how and for whom decisions

Accepted Answer

Command Economy

Question 40

This characteristic of Free Enterprise is when buyers and sellers can freely & willingly engage in market transactions

Accepted Answer

Voluntary Exchange

Question 41

This factor of production refers to people who take risks in an attempt to make profits

Accepted Answer

Entrepreneurs

Question 42

In this role, the Gov't enforces laws regarding the environment, discrimination, unsafe foods, etc.

Accepted Answer

Protector

Question 43

This characteristic of Free Enterprise is when people can choose where to work and whether to start their own business

Accepted Answer

Economic Freedom

Question 44

This is a person who uses goods and services to satisfy wants and needs

Accepted Answer

Consumer

Question 45

This is needed to produce more to meet the needs and wants of a growing population

Accepted Answer

Economic Growth

Question 46

Examples of this include spending $ on education, healthcare, and training, which benefits everyone (workers & business)

Accepted Answer

Investing in Human Capital

Question 47

This factor of production refers to people with all of their efforts, abilities, and skills

Accepted Answer

Labor

Question 48

This is the cost of the next best alternative use of money, time, or resources when one choice is made over than another

Accepted Answer

Opportunity Cost

Question 49

This the sum of the skills, abilities, health, and motivation of people

Accepted Answer

Human Capital

Question 50

This is an item that lasts less than three years when used regularly (ex: food, most clothes, etc.)

Accepted Answer

Nondurable Good

Question 51

This is a measure of the output produced by a given amount of inputs in a specific period of time (Ex: 10 cars per hour)

Accepted Answer

Productivity

Question 52

When work is arranged so that each worker has fewer tasks than before. If you do the same tasks all day, you get faster

Accepted Answer

Division of Labor

Question 53

In this role, the Gov't usually reflects the will of the majority; we make changes to our economy based on the will...

Accepted Answer

Promoter of National Goals

Question 54

Where productive resources are bought and sold

Accepted Answer

Factor Market

Question 55

This type of economy is one in which consumers and businesses make almost all of the what, how, and for whom decisions

Accepted Answer

Free Enterprise Economy

Question 56

This is the capacity to be useful and provide satisfaction (not fixed or measurable)

Accepted Answer

Utility

Question 57

This term means that events in other parts of the country, or the world, impact everyone (wars, weather, pandemics, etc)

Accepted Answer

Economic Interdependence

Question 58

These people organize land, labor, and capital in order to seek a profit; they start businesses and drive the economy

Accepted Answer

Entrepreneurs

Question 59

This is the study of how people try to satisfy unlimited wants and needs with limited resources; it is a social science

Accepted Answer

Economics

Question 60

This factor of production refers to tools, equipment, factories, or money used to buy goods to make products

Accepted Answer

Capital

Econ Unit 1--MurphSS5

Questions 60

Econ Unit 1--MurphSS5

Questions 60