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Economics Semester Review Part I Flashcards | StudBud
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Economics Semester Review Part I
Economics Semester Review Part I
20 terms
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StudBud Administration
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203 plays
Review of the semester's learning in my econ class
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Economic systems which distribute resources based on customs and rituals of sustainability are
command economies
market economies
mixed economies
traditional economies
2
Economies that are planned and dominated by government's economci decisions are
market economies
traditional economies
mixed economies
command economies
3
Every good or service that is produced uses some combination of:
all answers are correct
capital goods, durable goods, and consumer goods
the four factors of production
electrical energy, chemical compounds and money
4
Marginal utility is used as a means of making decisions and refers to the
desirability of 1 unit of one good compared to 1 of another
desirability of each additional unit
desirability of the combined total of all units
desirability of the 1st unit compared to the last
5
A wealthy man I know in El Paso derives most of his income from rents gernerated by this FOP
capital
entreprenuership
land
labor
6
The fact that each additional unit becomes less desirable than the one before it is called
the law of diminishing marginal utility
the law of supply and demand
the law of decreasing gratitude
the law of perpetual denigration
7
A married couple I knew both owned their own businesses and lived very well; the derived income
in the form of rents
in the form of profit
in the form of interest
in the form of wages
8
Though scientific in it's study, societies make their economic decisions based on:
societal values
emotion
effective advertizing
statistical data
9
Whether we focus on renewable enegies or fossil fuels is a question relating to
why we produce something
for whom we produce something
how to produce something
what to produce
10
The personal savings and business loan used to open a business represent this FOP
labor
capital
land
entrepreneurship
11
Most Americans' income comes primarily from this FOP
capital
labor
land
entrepreneurship
12
Should we frack for oil, do off-shore drilling or drill on public land is a question of
whom we produce it for
what to produce
why we produce it
how to produce it
13
Water (a necessity) is inexpensive while diamonds are very expensive illiustrating
"the warp" of the market
the insanity of free markets
derivative valuation
the paradox of value
14
The basic problem of economics is:
how to minimize cost and maximize utility
What and how to produce things, and for whom
that people desire more goods/services than can be produced
how to make markets more efficient
15
Should college be available free to everyone, or only to those who can afford it answers
how we should produce it
what we should produce
why we should produce it
whom we should produce it for
16
Because everyone has different preferences, every decision involves different:
opportunity costs
dollar values
capitalization
utilities
17
Economics is the study of:
how goods/services are produced in a nation's markets
money and banking and their micro/macro impacts on society
how money is controlled and used in society
how resources are distributed throughout a society
18
When money makes money it is generating this kind of income
wages
rent
profit
interest
19
The skill set needed to successfully run a business is this FOP
labor
captial
entrepreneurhship
land
20
Unlike western economic systems, indigenous systems are based on
outdated ideas of humans' place in the cosmos
scarcity and the need to work in self-interest
ideas of an "invisible hand" guiding economic activities
gratitude for the abundance of Earth
