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US Economics
US Economics
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U.S Economics
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
Which of the following is a characteristic of capitalism?
centralized planning
little incentive for business risk
state owns factors of production
marketplace efficiency
2
What motivates people to establish new businesses or expand existing ones?
proft incentive
freedom of choice
government regulations
private property
3
central government controls the entire economy according to Marx's beliefs
socialism
communism
authoritarian socialism
democratic socialism
4
Human effort directed toward producing goods and services.
Labor
Entrepreneurship
Productivity
Macroeconomics
5
Individuals are free to own and control the factor of production
Freedom of Choice
Freedom of Enterprise
Competition
Profit Incentive
6
In a free-enterprise system, who makes the decisions about what should be produced?
government
individuals
entrepreneurs
sellers
7
According to Adam Smith
government should not interfere in the marketplace
a mixed economy
left to individuals
Role of government is to allocate resources
8
French term - means "let people do as they choose"
hands-off
market
Capitalism
laissez-faire
9
Deals with behavior by making small units such as individuals and firms
Labor
Microeconomics
Scarcity
Services
10
Natural resources and surface land and water.
Technology
Labor
Land
Environment
11
Study of how individuals and businesses use limited resources to fulfill their unlimited wants.
Entrepreneurship
Scarcity
Economics
Microeconomics
12
When individuals take risks to develop new products and start new businesses to make a profit.
Labor
Entrepreneurship
Productivity
Alternative Resource
13
the rivalry among producers of similar products to win more business by offering lower prices
Profit Incentive
Freedom of Enterprise
Competition
Freedom of Choice
14
Marx's terminology for workers
employee
proletariat
unions
employer
15
type of socialist system works within constitutional framework to elect socialists to office
democratic socialism
communism
socialism
authoritarian socialism
16
pure socialism is characterized by
centroalized economic planning and state ownership
decision making based on traditions and customs
individual ownership
complete absence of government
17
Government leaders control the factors of production and make all decisions about their use
Capital
Traditional
Mixed
Command
18
Includes any use of land, labor, and capital that produces goods and services more efficiently.
Technology
Services
Entrepreneurship
Factors of Production
19
Resources of land, labor, capital, and entrepreneurship used to produce goods and services.
Economics
Technology
Factors of Productions
<p>Microeconomics</p>
20
in a capitalist system, most property is
owned by banks
owned by government
private property
regulated by government
21
Actions that can satisfy people's wants or needs.
Choices
Labor
Services
Productivity
22
Tangible items that people can buy, such as medicine, clothing, or computers.
Capital
Needs
Goods
Scarcity
23
profit motive
Competition
Profit Incentive
Freedom of Choice
Freedom of Enterprise
24
major characteristic of a pure market economy is
oversupply of labor
unrestricted competition
regulated prices
strong government planning
25
Within a free-enterprise system, individuals have the right to
support themselves and their family.
elect responsible government officials.
use their education wisely.
enter into any profession they choose.
26
The goal of economic freedom is to
prevent businesses from failing.
allow the government to control the economy.
limit competition.
allow each member of society to make choices.
27
economic decisions are based on customer and beliefs
Mixed
Capital
Traditional
Command
28
Deals with economy as a whole and decision making by large units such as governments.
Macroeconomics
Scarcity
Factors of Production
Services
29
the buyer make the decisions about what should be produced
Freedom of Choice
Competition
Profit Incentive
Freedom of Enterprise
30
The amount of output that results from a given level of input.
Entrepreneurship
Services
Factors of Production
Productivity
31
Which of the following describes a free-enterprise system?
Individuals are free to own/control factors of production
Businesses cannot make a profit.
There are no legal restrictions on freedom of enterprise.
Government owns and controls the factors of production.
32
owners of the land, machines, and factories
proletaritat
communists
socialists
capitalists
33
property that is owned by individuals or groups rather than by the governments
Competition
Profit Property
Public Property
Private Property
34
Basic economic problem that results from a combination of limited resources and unlimited wants
Factors of Production
Shortage
Productivity
Scarcity
35
Previously manufactored goods used to make other goods and services.
<p>Technology</p>
Capital
Macroeconomics
Factors of Production
36
it is easier to start your own busines in a
command economy
traditional economy
controlled economy
free enterprise system
37
Economic decisions are made by individuals looking out for their own.
Market
Command
Mixed
Traditional
38
Combines basic elements of a pure market economy and a command economy.
Command
Market
Traditional
Mixed
