stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Unit 1 Flashcards | StudBud
Explore
/
Economics Unit 1
Government owns natural and capital resources
.A centrally planned economy promotes
Economics Unit 1
30 terms
·
StudBud Administration
·
64 plays
Economics Unit 1
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
.A centrally planned economy promotes
government ownership, no competition, and no profit
government ownership, profit, and no competition
private property, profit, and competition
government ownership, competition, and no profit
2
Government owns natural and capital resources
Mixed
Command
Market
Traditional
3
The cost of the next best alternative when a choice is made is called
goods
services
opportunity cost
savings
4
What is an economic problem every nation has?
not enough population
too much pollution
not enough resources
the problem of meeting everyone's needs
5
Canada's economy is referred to as a mixed economy because
government owns all businesses
government is involved in regulating/owning some businesses
producers can produce whatever they wish
business acts independently, w/o governent interference
6
Entrepreneurs are people who
work on the floor of the stock exchange
use land, labor, and capitol to create new businesses
produce all of a country's guns and butter
help settle labor disputes
7
Shortages occur when
goods and services cannot be supplied at certain prices
many people go unemployed
the US imports more than it exports
interest rates go up
8
What resources are not included with the factor of production, land?
water
property
coal
machines
9
What is an example of a market economy?
North Korea
Japan
Iran
China
10
An example of a capital resource is a
wood
farmer
hammer
teacher
11
An economic system heavily influenced by habits, customs, and religious beliefs
Mixed
Command
Traditional
Market
12
In a free enterprise economy private property is
encouraged
non existent
discouraged
limited
13
Giving up one alternative for another is called
a trade off
human capital
efficiency
underutilization
14
Materials that can be found in the environment like fresh water and oil are called
labor
land
enterprise
capital
15
What is the basic question that all economic systems try to answer?
For whom to produce?
How to produce it?
All the above
What to produce?
16
Thinking at the margin means deciding about
investing with borrowed money
increasing/decreasing technological know how
maximizing goods and services
adding or subtracting an additional unit of a resource
17
What are the limitations of a free enterprise system?
restrictions on personal freedoms
uneven distribution of resources
there are no limitations
high taxation and less incentive to work hard
18
Privately owned factors of production
Command
Mixed
Traditional
Market
19
Which country is an example of a command economy?
South Africa
Brazil
Cuba
France
20
Economics is a subject primarily concerned with the study of
How to make effective use of resources
How wants and needs are produced
Detemining how Govt should use scare resources
Allocating scarce resources to satisfy unlimited wants
21
What is the main goal of a Mixed Economy?
To get rid of high taxation
To gain private property
To ensure fairness in business
To promote individual and social rights
22
Prices are influenced by supply and demand
Command
Mixed
Market
Traditional
23
Economics is the study of how people
Calculate their income tax
choose from limited resources to meet their needs
respond to war and drought
gain knowledge and skills from study and experience
24
Considered synonymous with a capitalistic economy
Mixed
Traditional
Market
Command
25
Individual freedom is limited
Market
Mixed
Command
Traditional
26
This economy usually has a low unemployment rate
Command
Traditional
Market
Mixed
27
The resources used to make goods and services are called
capital
opportunity cost
production possibilities frontier
gross national product
28
Which of the following is not a feature of a free market economy?
Specialization
Competition
Incentives
Control
29
Choosing between producing military and consumer goods is a trade off economists call
farm goods or factory goods
a free market economy
export or import
guns or butter
30
An economic system that combines elements of all the other basic systems
Command
Mixed
Traditional
Market
