is a government planned economy

What role does the government play in the U.S. economy?

it collects taxes, provides goods, provides services

what is a traditional economy

an economy controlled by traditions, customs, and beliefs.

What is entrepreneurship

Having an idea, human and financial capital and resources

A free market economy

has very little government involvment

Is what most countries are today and in the United States

What is consumer choice?

Buyer's purchases determine the goods and services produced

Traditional Economy is

based on custom and historical precedent

Unlimited wants, limited resources

The study of how goods/ services are produced, and consumed

define opportunity cost

the benefits you could have received or the second best alternative

A free market economy

has very little government involvment

What is Opportunity cost?

The value of the next best alternative that must be forgone or second best.

Combination of human, natural, capital and entrepreneurship ...make it

studbud

CE. 11 and 12

32 termsStudBud Administration2,117 plays

Imported from external platform

Flashcards32 cardsFPractice quizPHost liveL

Questions 32

Answers

1
A command economy
is a government planned economy
What we have in the United States
Has many choices
is full of individual opportunity
2
What role does the government play in the U.S. economy?
it provides national defense
it provides private businesses
it passes and enforces laws
it collects taxes, provides goods, provides services
3
What is an example of capital
Hammer
Grass
Boss
4
Does China's economy lean toward command or market economy?
Market
Command
5
What are the three basic questions of economic systems?
What? How? For Whom?
What is the Opportunity Cost? Do I analyze it? What is it?
How Much? Where can I get that? Does it come in my size?
6
Capital resources include
Vehicles, buildings, computers
Tractors, sheds, irrigation system
All of the above
Cash register, store fittings, stock
7
_________ means resources are limited but people’s wants are unlimited.
allocation
opportunity cost
capital
scarcity
8
what is a traditional economy
an economy controlled by traditions, customs, and beliefs.
All of the above
an economy controlled centrally by a government.
an economy driven by country's individual citizens
9
What is entrepreneurship
the desire to go home 🏠
word is to long IDK
Having an idea, human and financial capital and resources
Name of the ship that sailed
10
Who determines demand?
Buyers We the People
Sellers
11
Today, the U.S. Economy is often characterized as a ________ economy.
laissez-faire
command
socialist
mixed
12
Mr. L own a taco shop his business is
Out of business he doesn't know how to make tacos
A corporation
A sole proprietorship
A partnership
13
A free market economy
has very little government involvment
Has to much government involvement
Has a lot of government involvement
Has a mixed amount of government involvement
14
A mixed Economy
Is in North Korea
The Internal Revenue System
Is to confusing
Is what most countries are today and in the United States
15
What is consumer choice?
Buyer's purchases determine the goods and services produced
A good or service sold in another country
owned or provided by the government
The wealth and resources of a country
16
As supply increases, price will increase
True
False
17
Traditional Economy is
based on the circular flow
based on custom and historical precedent
Free Market
What the government tells you to do
18
What is scarcity?
Unlimited resources, limited wants
Unlimited wants
Unlimited wants, limited resources
Limited resources
19
Who determines supply?
Buyers
Suppliers
Students in Mr. L's class
Demanders
20
What is shortage?
supply
serfs
jobs
When demand exceeds supply.
21
What is economics?
the study of the government
The study of how goods/ services are produced, and consumed
sales
money remaining from revenues after expenses are paid
22
Is economics important in our world?
False
True
23
Which is NOT a natural resource?
trees
flowers
paper
sun
24
Where supply and demand curves meet is known as:
connection
coincide
equilibrium
equal
25
What graph is this?
Supply
Demand
26
A car is a natural resource.
False
True
27
define opportunity cost
the price of a good or service increases
a group of buyers and sellers
total satisfaction received from consuming a good service
the benefits you could have received or the second best alternative
28
A free market economy
Has to much government involvement
Has a lot of government involvement
Has a mixed amount of government involvement
has very little government involvment
29
In economics, a market includes
Roses
eBay
Food Lion
all of the above
30
When consumers, producers, and government decision makers are forced to make choices
Civics
Scarcity
Resources
Economics
31
What is Opportunity cost?
The value of the next best alternative that must be forgone or second best.
Goods or services that are required for survival.
A fundamental belief or practice about what is desirable.
Giving up one thing for 3 others.
32
Production is
Combination of human, natural, capital and entrepreneurship ...make it
Robots
Take it
combining of ingredients

CE. 11 and 12 Flashcards | StudBud