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Review of Fundamentals and Economic Systems
Review of Fundamentals and Economic Systems
20 terms
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StudBud Administration
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Basic Quiz for preparation of Topic 1 and 2 Economics Exam
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Tim goes to the movies instead of bowling. What term represents what Tim is giving up?
Opportunity Cost
Law of Choices
Scarcity
Economic Wants and Needs
2
Opportunity cost is a person's ?
2nd choice
Buying price
Trade-offs
3rd choice
3
A glass of water is a need but a Dasani water bottle is a?
Choice
a lot of money for water
Want
Desire
4
Which is NOT one of the three questions all societies must answer?
What to produce?
Why it should be produced?
For whom, should it be produced
How it should be produced?
5
If a country's government controls most businesses, what type of economy does it have?
Command Economy
Traditional Economy
Market Economy
Mixed Economy
6
Which would be an example of capital?
A factory purchasing new machines
A businessman planning a new ad campaign
a flock of goats
People planting seeds
7
What is the term for when a country or business focuses on one task or product?
Single Good Strategy
Specialization
Partial Utilization
Single Economy
8
In a market economy, who owns the factors of production?
Individuals and businesses
The government
a few select people
Local leaders
9
The USA has what type of economic system which has economic freedom with some gov involvement?
Mixed
Traditional
Command
Market
10
Economic freedom allows people to choose who they buy or sell from, a process known as?
Consuming and Producing
Sales
Voluntary Exchange
Revenue
11
Free enterprise system is another name for what economic system?
Traditional economy
Mixed economy
Command economy
Market economy
12
A new tech makes it possible to make more goods, which direction does the middle PPC shift?
Does the hokey pokey
Stays the same
Right to the green PPC
Left to the red PPC
13
If you choose a point on the PPC, that number represents?
Inefficiency
Impossibility
Efficiency
14
When a good or service is temporarily not available, we refer to it as a?
Shortage
Want
Scarcity
Need
15
Which is not a factor of production?
Competitiveness
Entrepreneurship
Land
Labor
16
Economics is the study of?
Money
Choices
Wants
Business
17
According to this chart, point D represents an amount that is...
Unattainable
Efficient
Lost
Inefficient
18
People must always prioritize their wants because of what, meaning that resources are limited?
Scarcity
Supply
Wants
Demand
19
This picture shows an example of what?
Scarcity and Supply
The US economy
Circular flow chart
Supply and Demand Diagram
20
Which factor of production would an olive tree be considered?
Entrepreneurship
Land
Capital
Labor
