This is an example of something

that private financial institutions give

is an incentive used for saving

also known as firms on the Circ Flow diagram

one service provided by the gov't

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Econ SOL 12: Economic Systems, Circular Flow, Global Trade

20 termsStudBud Administration300 plays

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Questions 20

Answers

1
The U.S. circular flow of economics includes
resources, stocks, and bonds
resources, goods, and interest
resources, interest, and dividends
resources, goods, and services
2
What do banks receive from consumers?
withdrawls
deposits
taxes
loans
3
Tax revenue is
used by the gov't to provide public goods & services
used by producers to provide public goods & services
kept by the gov't and stored in a vault at Fort Knox
used by individuals to provide public goods & services
4
Corporations are
not found in free market economies
sometimes owned by one person but more often owned by two
authorized by law to act as a legal entity
illegal in the U.S.
5
Which type of business has the least amount of risk?
proprietorship
corporation
credit union
partnership
6
In the U.S., what do we (consumers) buy from producers?
gods & servicers
goods & services
services, but not goods
goods, but not services
7
In a proprietorship
two people invest, but only one takes the risk
things are shared by everyone
one person takes all the risk
a group of people earn all the profit
8
This is an example of something
that all individuals in the U.S. are guaranteed
that private financial institutions give
that private financial institutions receive
that individuals in the U.S. do not need
9
What represents the monetary flow from households to the gov't?
taxes
welfare payments
interest
job applications
10
People with creativity and courage to start a brand new business are
entrepreneurs
losers
stupid
partners
11
a ___ exists whenever buyers & sellers exchange goods and services
credit union
dishonest business practice
shark tank
market
12
Everyone
loves command economies
shares resources in a capitalist system
benefits from voluntary trade
loves a sore loser
13
? = Consumers determine through purchases what goods & services will be produced
tariffs
entrepreneur
competition
consumer sovereignty
14
Interest
is an incentive used for saving
is rarely used by banks in a free market economy
is not an example of an incentive
is an incentive used for spending
15
What does NOT move continuously within the circular flow in the U.S. economy?
resources
goods
interest
services
16
Why would VA take part in International Trade?
to pursue wealth
to take advantage of poor countries
to decrease jobs
to encourage individuals to save at the bank
17
the point where supply and demand meet is known as ____.
equilibrium
disaster
proprietorship
interest
18
Businesses are
also known as consumers on the Circ Flow diagram
also known as firms on the Circ Flow diagram
also known as individuals on the Circ Flow diagram
usually owned by the gov't in a capitalist system
19
This is
one service provided by the gov't
one good provided by the consumers
one service provided by the households
a resource provided by producers
20
This is
a financial institution
more common in traditional economies than free market
owned by the gov't in a free market economy
not a financial institution

Econ SOL 12: Economic Systems, Circular Flow, Global Trade Flashcards | StudBud

Econ SOL 12: Economic Systems, Circular Flow, Global Trade

20 termsStudBud Administration300 plays

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
The U.S. circular flow of economics includes
resources, stocks, and bonds
resources, goods, and interest
resources, interest, and dividends
resources, goods, and services
2
What do banks receive from consumers?
withdrawls
deposits
taxes
loans
3
Tax revenue is
used by the gov't to provide public goods & services
used by producers to provide public goods & services
kept by the gov't and stored in a vault at Fort Knox
used by individuals to provide public goods & services
4
Corporations are
not found in free market economies
sometimes owned by one person but more often owned by two
authorized by law to act as a legal entity
illegal in the U.S.
5
Which type of business has the least amount of risk?
proprietorship
corporation
credit union
partnership
6
In the U.S., what do we (consumers) buy from producers?
gods & servicers
goods & services
services, but not goods
goods, but not services
7
In a proprietorship
two people invest, but only one takes the risk
things are shared by everyone
one person takes all the risk
a group of people earn all the profit
8
This is an example of something
that all individuals in the U.S. are guaranteed
that private financial institutions give
that private financial institutions receive
that individuals in the U.S. do not need
9
What represents the monetary flow from households to the gov't?
taxes
welfare payments
interest
job applications
10
People with creativity and courage to start a brand new business are
entrepreneurs
losers
stupid
partners
11
a ___ exists whenever buyers & sellers exchange goods and services
credit union
dishonest business practice
shark tank
market
12
Everyone
loves command economies
shares resources in a capitalist system
benefits from voluntary trade
loves a sore loser
13
? = Consumers determine through purchases what goods & services will be produced
tariffs
entrepreneur
competition
consumer sovereignty
14
Interest
is an incentive used for saving
is rarely used by banks in a free market economy
is not an example of an incentive
is an incentive used for spending
15
What does NOT move continuously within the circular flow in the U.S. economy?
resources
goods
interest
services
16
Why would VA take part in International Trade?
to pursue wealth
to take advantage of poor countries
to decrease jobs
to encourage individuals to save at the bank
17
the point where supply and demand meet is known as ____.
equilibrium
disaster
proprietorship
interest
18
Businesses are
also known as consumers on the Circ Flow diagram
also known as firms on the Circ Flow diagram
also known as individuals on the Circ Flow diagram
usually owned by the gov't in a capitalist system
19
This is
one service provided by the gov't
one good provided by the consumers
one service provided by the households
a resource provided by producers
20
This is
a financial institution
more common in traditional economies than free market
owned by the gov't in a free market economy
not a financial institution