are subjective judgments that vary according to values

What is the definition of scarcity?

limited resources for unlimited wants/needs

Define factors of production.

the resources used to produce all goods and services

The 3 questions that must be answered by the economic system are

What to produce, how to produce and for whom to produce.

On a scale of Joey, how are you today?

3 - Tired, 4 - Confused, 2 - Silly, 1 - Happy

4 factors of production

labor, land, capital, entrepreneurship,

What is opportunity costs?

What you have to give up to get something else.

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Economics Review

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Questions 18

Answers

1
Opportunity costs exist because of...?
the government
school
evolution
scarcity
2
"Wants" and "needs"
tend to stay the same over time for most people
are subjective judgments that vary according to values
are defined by the IRS tax code
all of the above
3
Producers and consumers make all the economic decisions in which economic system?
Mixed
Command
Traditional
Free Market
4
wants and needs are...
limited
unlimited
5
What are the 3 basic economic systems?
Traditional, Command, Market
Institutional, Free-Market, Demand
Supply, Demand, Barter
Traditional, Mixed, Monarchy
6
What is the definition of scarcity?
unlimited resources for limited wants.needs
limited resources for unlimited wants/needs
unlimited wants for unlimited needs
unlimited needs for unlimited wants
7
What is the oldest types of economic system?
Market/Capitalist Economy
Mixed Economy
Traditional Economy
Command/Communist Economy
8
What is the economic system used in the US?
Mixed Economic System
Traditional Economic System
Command Economic System
Market Economic System
9
Define factors of production.
the most desirable alternative sacrificed
an alternative we sacrifice when we make a decision
the resources used to produce all goods and services
the goods and services produced from resources
10
In which economic system does the government make all of the economic decisions?
command
traditional
free market
mixed economy
11
The 3 questions that must be answered by the economic system are
What to produce, how to produce and for whom to produce.
What to produce, when to produce and how to produce.
what to produce, how to produce and how much government gets
how to produce, how much to produce and when to produce.
12
This economic systems includes free enterprise with some government control.
Traditional
Mixed
Market
Command
13
On a scale of Joey, how are you today?
3 - Tired
4 - Confused
2 - Silly
1 - Happy
14
Because scarcity exists, that means we have to make difficult choices. The choice given up is..
opportunity costs
trade-off
unfortunate
opportunity lost
15
4 factors of production
labor, land, capital, entrepreneurship,
labor, law, inflation, entrepreneurship
capital, labor, law, land
capital, land, resources, labor
16
Economic System in which habit and custom determine the rules for all economic activity.
Free Market
Traditional
Mixed
Command
17
Economic system in which the government makes all decisions.
Mixed
Command
Traditional
Market
18
What is opportunity costs?
What you have to give up to get something else.
When things are on sale.
The demand for goods.
There is not enough for everyone.

Economics Review Flashcards | StudBud