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Economics Review
Economics Review
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Economics- Test Review
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
____________ is not having enough resources to produce things people would like to have
labor
production
GDP
scarcity
2
What country is an example of a command economy
'Merica
Brazil
England
Russia
3
Entrepreneurs are known as...
"adrenaline junkies"
"risk- takers"
"thrill seekers"
"stupid"
4
After the individuals receive their income from the resources they sell, they spend it in....
product markets
factor markets
super markets
wealth markets
5
__________ is the study of how people try to satisfy wants & needs through the use of resources
Scarcity
Land
Economics
Financial Captial
6
The acronym GDP stands for...
Great Domesticated Products
Great Descriptive People
Global Department of Production
Gross Domestic Product
7
What country is an example of a traditional economy
France
Ethiopia
North Korea
Merica
8
What is this..
Buy/Sell Diagram
Circular Flow Diagram
Chart of Life
Factor of Production Chart
9
What are the three economic systems?
service, market, command
command, market, traditional
market, production, traditional
traditional, command, service
10
What country is an example of a market economy
China
North Korea
'Merica
Russia
11
books, shoes, cars, iphones are all an example of a....
service
need
resource
good
12
______________ is the cost of the next best alternative use of money, time or resource
production possibilies
cost- benefit analysis
opportunity cost
trade- off
13
____________ means we rely on others and others rely on us to provide goods and services
economic independence
economic insecurity
economic interdependence
economic specialization
14
Most economic decisions can be made by using ______________________
cost-benefit analysis
simple models
the rational choice
standard of living
15
What is this..
supply and demand curve
production possibilities curve
production curve
XY curve
16
What are the basic economic question(s) every society must ask?
All of these
How to produce?
For Whom to produce?
What to produce?
17
What are the four factors of production?
Land, Labor, Capital, Entrepreneurship
Land, Labor, Money and Country
Entrepreneurship, Life, Money and Capital
Life, Liberty, Labor and Land
