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Duplicate of Economics- Basics and Economic Systems Flashcards | StudBud
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Duplicate of Economics- Basics and Economic Systems
Duplicate of Economics- Basics and Economic Systems
25 terms
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This will help us recall information already learned. #Econ #Money #Goods #Services #Scarcity
Flashcards
25 cards
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Questions
25
Answers
1
In this economic system, all decisions are made by the government
traditional economy
capitalist economy
mixed economy
command economy
2
One of the disadvantages of the traditional economy is ...
racism
social inequality
corruption
a lack of technology
3
An item that satisfies an economic need or want.
service
widget
resource
good
4
in which economy are you encouraged to both get a job AND follow government orders?
Traditional
Command
Capitalist
Mixed
5
economic goal: the freedom to choose one's occupation and use of personal income
economic freedom
price stability
economic efficiency
full employment
6
High wages and taxes are the burden of which economic system?
mixed economy
capitalist economy
command economy
traditional economy
7
In this economic system, consumers and workers are protected by the government
traditional economy
capitalist economy
command economy
mixed economy
8
making a decision based on "a little more" or "a little less"
decision making
marginal decision making
cost-benefit decision making
rational decision making
9
Which is NOT a disadvantage of the mixed economy?
outsourcing of domestic jobs
expensive goods
high taxes
blatant government corruption
10
People will make a choice only if ...
the costs are greater that the benefits
there is candy involved
there is soda involved
the benefits are greater than the costs
11
The cost of the next best alternative choice
Cost
Capitalism
Communism
Opportunity Cost
12
economic goal: prices are not too high, goods are affordable
price stability
economic growth
economic freedom
full employment
13
In the capitalist economy
the government protects workers
modern technology is scarce
the government makes all the decisions
people are rewarded for hard work
14
something performed by another person which satisfies an economic need or want
good
paradox of value
utility
service
15
Where are most traditional economies found?
Africa and South America
Iraq and Chile
Europe and U.S.
China and India
16
Decision making based on "a little more or a little less"
trade offs
the political theory
marginal decision making
rational decision making
17
Which of the following is NOT one of the three basic economic questions?
How to produce?
When to produce?
What to produce?
For whom to produce?
18
A good that is made to last more than 2 years
compliments
inferior good
durable good
capital good
19
economic goal: wise use of resources within an economy
economic efficiency
price stability
full employment
economic freedom
20
What is the fundamental problem of economics?
money
utility
stock market
scarcity
21
For every choice we make, there is always a ...
cost
book
tax
piece of candy
22
One of the advantages of this economic system is that everyone works together
traditional
capitalist
command
mixed
23
Which of these countries does NOT have a command economy?
Russia
Vietnam
China
North Korea
24
one of the "advantages" of the command economy is ...
All members of society are considered equal
competition produces the best results
people are free to buy whatever they want
culture and tradition are preserved
25
Besides scarcity, what is also required for value?
usefulness
scarcity
utility
opportunity cost
