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