Socialism is concerned most with?

Providing equal necessary goods to the whole

What are 3 major questions of economics?

What to produce, how to produce, for whom to produce

What does dot A represent?

maximum use of resources favoring Y

What does dot D represent?

a impossible outcome with the resources we have

What does the law of self-interest mean?

People will act on behalf of their own good.

What does dot C represent?

a possibility that does not maximize our resources.

What does the law of competition?

Competition will result in better products.

What does the law of supply and demand mean?

Producers find the lowest price for goods based on demand

What is the blue line?

the production possibilities frontier

What is the meaning of this economically slanted joke?

No economic classes exist in a communist system.

What does dot B represent?

maximum use of resources favoring X

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Scarcity and Economic Systems

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Questions 29

Answers

1
Who controls the factors of production in a market economy?
the community
the government
tradition
the businesses and consumers
2
He "Communist Manifesto" call for radical economic change and introduced Communism
Karl Marx
Jeremy Bentham
Adam Smith
Ben Franklin
3
Socialism is concerned most with?
Helping the government profit.
Private ownership and profits
Removing economic classes
Providing equal necessary goods to the whole
4
What are 3 major questions of economics?
What to produce, who competes, for whom to produce
What to produce, how to produce, for whom to produce
What to produce, how to produce, when to produce
whose self-interest, who competes, who supplies and demands
5
What is the opportunity cost of 6 TV sets
42 Corn
0 Corn
30 Corn
0 TV sets
6
What is the opportunity cost of 12 Corn?
1 TV set
2 TV sets
5 TV sets
12 TV sets
7
Who controls the factors of production in a traditional economy?
tradition
the government
the businesses and consumers
the community
8
What does dot A represent?
a impossible outcome with the resources we have
a possibility that does not maximize our resources.
maximum use of resources favoring Y
maximum use of resources favoring X
9
The picture is an example of which factor of production?
entrepreneur
land
labor
capital
10
His ideas related to utilitarianism led to socialism.
Jeremy Bentham
Karl Marx
Ben Franklin
Adam Smith
11
What does dot D represent?
a impossible outcome with the resources we have
maximum use of resources favoring Y
maximum use of resources favoring X
a possibility that does not maximize our resources.
12
According to Marx, which class will rise up and overthrow the "haves"
the capitalists
the proletariat
the utilitarians
the bourgeoisie.
13
The picture is an example of which factor of production?
entrepreneur
capital
land
labor
14
He is considered the father of modern capitalism.
Ben Franklin
Karl Marx
Jeremy Bentham
Adam Smith
15
What does the law of self-interest mean?
You, yourself, can create lower prices.
Competing with yourself makes you better
If you are interested good for yourself.
People will act on behalf of their own good.
16
What does dot C represent?
a impossible outcome with the resources we have
a possibility that does not maximize our resources.
maximum use of resources favoring Y
maximum use of resources favoring X
17
Capitalism is concerned most with?
Providing equal necessary goods to the whole
Helping the government profit.
Removing economic classes
Private ownership and profits
18
What does the law of competition?
Competitors can dictate the price of goods to one another.
With no competition, you can set prices really high.
Competing with yourself makes you better
Competition will result in better products.
19
Who controls the factors of production in a command economy?
the community
the businesses and the consumer
tradition
the government
20
The picture is an example of which factor of production?
labor
capital
land
entrepreneur
21
The ideology from this movie best sums up which ism?
capitalism
communism
socialism
22
The ideology of this hero best sums up which ism?
communism
socialism
capitalism
23
What does the law of supply and demand mean?
If you supply it, they will demand it.
Producers can set prices how they want, and people will pay.
When supply is down, demand is down.
Producers find the lowest price for goods based on demand
24
The name of a famous song from this movie best sums up which ism?
communism
socialism
capitalism
25
What is the blue line?
the opportunity cost of X to Y
pretty
the final frontier
the production possibilities frontier
26
What is the opportunity cost of 2 TV sets?
42 Corn
36 Corn
20 Corn
6 Corn
27
The picture is an example of which factor of production?
land
labor
capital
entrepreneur
28
What is the meaning of this economically slanted joke?
No economic classes exist in a communist system.
Communists emit foul gases at the dinner table.
Communists don't study or go to class.
Communists are all uncultured swine
29
What does dot B represent?
maximum use of resources favoring X
maximum use of resources favoring Y
a impossible outcome with the resources we have
a possibility that does not maximize our resources.

Scarcity and Economic Systems Flashcards | StudBud