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Economics basics and Economic systems Flashcards | StudBud
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Economics basics and Economic systems
Economics basics and Economic systems
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Economics
Flashcards
15 cards
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Questions
15
Answers
1
Which business and economic indicator is shown in the following image?
Market economy
Capitalism
Socialism
Productivity
2
Land/location, Labor, Capital, and Entrepreneurship in economics are referred to as the...
Factors not necessary for economic success
Four factors of production
The four deadly sins
The root of all evil
3
The measure of how "good" or financially successful a business/entrepreneur is referred to as..
Productivity
Resources
Waste
Deficit
4
Which of the following questions would a new entrepreneur think about first?
How to produce?
For whom to produce?
Why to produce?
What to produce?
5
Which type of economic system stresses the need to keep property public for the "good" of all?
Socialism
Capitalism
Communism
Hooliganism
6
A person decides to open a business in her country and quickly learns there are no regulations.
Closed economy
Entrepreneur
Command economy
Market economy
7
IMMEDIATE GRATIFICATION can effect people's financial decisions because...
People focus on getting wealthy as quickly as possible
Rich people help as many poor people as possible.
People ignore CURRENT responsibilities to satisfy themselves NOW.
People are focused on future happiness instead of the present
8
What makes someone a good example of an entrepreneur?
The person risks time, energy & resources for profit
He/she is not willing to take financial risks
The person tries to lose money on investments
The person owns his/her business
9
The biggest difference between WANTS and NEEDS is...
Cell phones are very important because of Snapchat
Wants are more important than needs
Needs are vital for survival and wants are not
Wants are often less expensive
10
Which type of economy is strictly controlled by a government and choices are limited?
Mixed economy
Open economy
Market economy
Command economy
11
Economics is best described as...
The study of the government
The study of laws that punish people
Study of bills and taxes and laws
Study of money, consumption and production
12
The biggest difference between renewable and non-renewable resources is...
The environment is protected
One can be replaced easily and the other cannot
Renewable batteries are cheap
Recycling is used
13
What is the main point of Capital?
Items companies do NOT need to earn profits
The first letter of the first word in a sentence
To help entrepreneurs earn profit
The most city in a state
14
People conduct a COST-BENEFIT ANALYSIS to determine if they risks outweigh benefits of their financial decisions.
True
False
15
Labor is best described as...
Time spent planning ideas for a company
Work done by a person to earn wages/salary
Pains a pregnant woman feels before giving birth
Taxes paid by a customer
