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Review of Fundamentals and Economic Systems Flashcards | StudBud
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Review of Fundamentals and Economic Systems
Review of Fundamentals and Economic Systems
20 terms
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StudBud Administration
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Basic Quiz for preparation of Topic 1 and 2 Economics Exam
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Economics is the study of?
Choices
Business
Money
Wants
2
Economic freedom allows people to choose who they buy or sell from, a process known as?
Sales
Consuming and Producing
Revenue
Voluntary Exchange
3
When a good or service is temporarily not available, we refer to it as a?
Want
Scarcity
Need
Shortage
4
Opportunity cost is a person's ?
Buying price
2nd choice
Trade-offs
3rd choice
5
If you choose a point on the PPC, that number represents?
Impossibility
Efficiency
Inefficiency
6
In a market economy, who owns the factors of production?
The government
Local leaders
Individuals and businesses
a few select people
7
If a country's government controls most businesses, what type of economy does it have?
Market Economy
Traditional Economy
Mixed Economy
Command Economy
8
People must always prioritize their wants because of what, meaning that resources are limited?
Scarcity
Supply
Wants
Demand
9
Tim goes to the movies instead of bowling. What term represents what Tim is giving up?
Scarcity
Opportunity Cost
Economic Wants and Needs
Law of Choices
10
This picture shows an example of what?
Scarcity and Supply
Supply and Demand Diagram
Circular flow chart
The US economy
11
What is the term for when a country or business focuses on one task or product?
Specialization
Partial Utilization
Single Economy
Single Good Strategy
12
Which is NOT one of the three questions all societies must answer?
How it should be produced?
Why it should be produced?
What to produce?
For whom, should it be produced
13
Which factor of production would an olive tree be considered?
Land
Labor
Capital
Entrepreneurship
14
According to this chart, point D represents an amount that is...
Lost
Efficient
Inefficient
Unattainable
15
Which is not a factor of production?
Competitiveness
Entrepreneurship
Land
Labor
16
Which would be an example of capital?
People planting seeds
A businessman planning a new ad campaign
A factory purchasing new machines
a flock of goats
17
A glass of water is a need but a Dasani water bottle is a?
Want
Desire
Choice
a lot of money for water
18
A new tech makes it possible to make more goods, which direction does the middle PPC shift?
Does the hokey pokey
Left to the red PPC
Stays the same
Right to the green PPC
19
Free enterprise system is another name for what economic system?
Traditional economy
Market economy
Command economy
Mixed economy
20
The USA has what type of economic system which has economic freedom with some gov involvement?
Command
Mixed
Market
Traditional
