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Duplicate of Economics Unit 1 Review Flashcards | StudBud
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Duplicate of Economics Unit 1 Review
Duplicate of Economics Unit 1 Review
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A review over the basics of economics #trade-offs #oppertunitycost #FOP #economicsystems
Flashcards
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Questions
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Answers
1
The FOP land means...
something that is naturally occuring
something that does work
something that can be manufactured
2
What are A, B, and C on the PPC?
efficient
underutilzation
unattainable
3
What is E on the PPC
unattainable
underutilization
effiecient
4
This term means that resources are limited.
shortage
scarcity
underutilization
surplus
5
This economist believed in the free market and the invisible hand.
Adam Smith
John M. Kaynes
Milton Friedman
Karl Marx
6
What is an opportunity cost?
the activity or decision you decided to do
the most valued alternative given up in a trade-off
the least valued alternative given up in a trade-off
7
What economic system allows both the government and people to answer the 3 economic questions?
command/centrally planned
free market
traditional
mixed
8
True or False: The positive outcome all business owners strive for is...
success
profit
debt
satisfaction
9
Which of the following is NOT a disadvantage of a free market?
competition
no regulation
no safety net
10
A tractor would be considered which FOP?
land
labor
capital
11
Which of the following is not one of the three basic economic questions?
For whom?
What?
Where?
How?
12
What is D on the PPC
efficient
unattainable
underutilzation
13
What economic system allows the people and businesses to answer the 3 economic questions?
command/centrally planned
traditional
free market
mixed
14
Which of the following is not a factor of production?
capital
labor
land
money
15
True or False: voluntary exchange is part of the free market, and people trade bc they want to
true
false
16
A linguistics degree would be considered which FOP?
capital
labor
land
17
Which of the following is NOT a disadvantage of the comand economy
shared standard of living
inefficiency
no individualism
emphasis on production
18
A river would be considered which FOP?
capital
labor
land
19
The economic term for your second best option is known as a...
trade-off
opportunity cost
decision
factors of production
20
A mechanic would be considered which FOP
labor
capital
land
21
The FOP labor means
something that is manufactured.
something that does a task (work)
something that is naturally occurring
22
Property rights are part of which economic system?
mixed
command
free market
traditional
23
What economic system allows tradition to answer the 3 economic questions?
mixed
free market
traditional
command/centrally planned
24
Economics is the study of...
scarcity
regions
money
shortage
25
What economic system allows the government to answer the 3 economic questions?
command/centrally planned
mixed
traditional
free market
