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Economics Basics Review Flashcards | StudBud
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Economics Basics Review
Economics Basics Review
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1
The purchase and the supply of goods and services takes place in what market?
traditional market
product market
free market
factor market
2
Humans have unlimited needs and wants.
True
False
3
A grocery store is an example of what factor of production?
Land
Human Capital
Labor
Physical Capital
4
Which of the following can be analyzed with a productions possibilities graph?
Economic growth
All of the above
Potential economic outputs
Underutilized resources
5
Which of the following is an example of scarcity versus a shortage?
You used all your money before payday
All available land in a particular town has been sold
Gasoline being rationed during WWII
A toy sells out the week before Christmas
6
Any resources that are made by humans and used to create other goods and services are called
services
capital
labor
production
7
In what type of economy does the government make all of the decisions?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
8
Which of the following is a weakness of a market economy?
consumers needs are not met
workers sacrifice individual freedom for societal needs
workers are not motivated by job security
workers lack job security
9
Which of the following is an example of self-regulation?
A new minimum wage being set in Phoenix
all of the above
The FDA limiting the distribution of a certain medication
Target offering a new curbside pick up option for customers
10
What is the struggle among producers for consumer business?
incentive
self-regulation
government regulation
competition
11
According to the theory of laissez-faire economics, what two factors regulates the market?
competition & specialization
competition between firms
incentives and efficiency
competition & self-interest
12
What type of economy would be best for an entrepreneur?
Mixed Economy
Market Economy
Command Economy
Traditional Economy
13
What is the primary motivation in a free market economy
competion
specialization
the invisible hand
self-interest
14
Which would be an example of human capital?
An Uber driver's knowledge of Phoenix streets
The tools a brain surgeon uses to conduct an operation
A school building used for classrooms
The salary paid to a fast food worker
15
Which of the following is an example of an entrepreneur?
Earning money as a software programmer
Owning and renting several properties
Inventing and selling the rights to a new app
Being a professional ballerina
16
Factors of production include all of the following except:
land
services
labor
capital
17
limited quantities of resources to meet unlimited needs or desires
opportunity cost
shortage
underutilization
scarcity
18
Who owns factors of production?
individuals
firms
government
households
19
Which of the following is the definition of efficiency?
all possible alternatives that are rejected when a choice is made
actions or activities that one person performs for another
use of resources in a way that maximizes output of goods and services
use of fewer resources than the economy is capable of using
20
When a government decides between using resources for defense or infrastructure, what kind of decision is it?
Decision at the Margin
Global Trade-Off
Guns or Butter
Basic Economic Decision
