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Unit 8: Government and Economics Flashcards | StudBud
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Unit 8: Government and Economics
Unit 8: Government and Economics
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StudBud Administration
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A short but effective review of the VA SOL standards required of students to understand economics.
Flashcards
37 cards
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Questions
37
Answers
1
Which of the following is not a factor of production?
Natural (Land)
Price
Human (Labor)
Capital
2
a form of business organization with two or more owners who share all risks and profits
monopoly
partnership
corporation
proprietorship
3
Earnings after all expenses have been paid?
Demand
Price
Profit
Stock
4
The use of goods and services. Consumer preferences and price determine what is purchased?
Consumption
Production
Resources
Distribution
5
What does this image represent?
The flow of jobs in an economy
The flow of government aid in an economy
The flow of money and resources in an economy
The flow of people in the government
6
If the price is decreased, the law of demand states the demand will?
increase
decrease
7
the degree of availability of an item?
Need
Demand
Want
Supply
8
Private ownership, profit, competition, individual choice, & consumer sovereignty describe ?
Mixed
Traditional
Command
Free Market
9
Jobs are passed down from family member to family member, historically based describes?
Command
Mixed
Free Market
Traditional
10
The amount of a good or service that consumers are willing and able to buy?
Demand
Want
Need
Supply
11
Why do nations and states trade?
all the above
low opportunity cost
obtain goods and services
create jobs
12
Factors of production that are used in the production of goods and services are called?
Resources
Incentives
Choices
Opportunity Cost
13
What type of economy is the United States?
Free Market
Traditional
Mixed
Command
14
If the price is increased, the law of demand states that demand will ?
increase
decrease
15
The combining of land, labor, capital, and entrepreneurship to make goods or provide services ?
production
distribution
resources
consumption
16
Which of the following is not a question of economic systems?
What will be produced?
For whom will it be produced?
How much to charge?
How will it be produced?
17
Individuals and businesses have the right to own personal property as the means of production?
Private Property
Command Economy
Consumer Sovereignty
Competition
18
a form of business organization with one owner who takes all the risks and all profits.
proprietorship
corporation
partnership
monopoly
19
What determines price through their interaction?
Wants vs Needs
Price
Opportunity Cost
Supply and Demand
20
If the price is decreased, the law of supply states supply will?
increase
decrease
21
The amount of money exchanged for a good or service is called?
Opportunity Cost
Price
Choice
Incentive
22
When you give up something in order to get something else, you have made an ?
Opportunity Cost
Choice
Demand
Incentive
23
Individuals and businesses are decisions makers for private, government decides public, common?
Traditional
Free Market
Command
Mixed
24
How does technology impact the economy?
all the above
lower production cost
ability to work globally
global flow of information
25
Which of the following is a question of economic systems?
How much to charge?
How to move the product?
How will it be produced?
How to make it better?
26
Private financial institutions help facilitate an exchange of money between savers and borrows
False
True
27
a form of business that is authorized by law to act as a legal person regardless of owners.
corporation
monopoly
partnership
proprietorship
28
The inability to satisfy all wants at the same time is called?
Choice
Demand
Suppy
Scarcity
29
Consumers determine through purchases, what goods and services will be produced
Production
Competition
Consumer Sovereignty
Private Property
30
Allowed to operate without undue interference from the government?
Mixed
Command
Free Markets
Traditional
31
Which if the following is an example of an incentive?
Black Friday
Buy One Get One Free
Cyber Monday
all of the above
32
I am ready for this test?
Need to Study
Yes
No
HELP!!!!!!!
33
If the price is increased, the law of supply states that supply will?
decrease
increase
34
Central ownership of property/resources, centrally planned economy, lack of consumer choice ?
Command
Mixed
Free Market
Traditional
35
A person who takes a risk to produce goods and services in search of a profit
Competition
Consumer Sovereignty
Entrepreneur
Corporation
36
Rivalry between producers/sellers results in better quality goods and services at a lower price
Production
Competition
Distrobution
Consumer Sovereignty
37
The basic economic problem facing society is that we have __?__ wants and __?__ resources.
unlimited/unlimited
limited/unlimited
unlimited/limited
limited/limited
