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Economics- Basics and Economic Systems Flashcards | StudBud
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Economics- Basics and Economic Systems
Economics- Basics and Economic Systems
25 terms
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StudBud Administration
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This will help us recall information already learned. #Econ #Money #Goods #Services #Scarcity
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Questions
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Answers
1
one of the "advantages" of the command economy is ...
culture and tradition are preserved
competition produces the best results
All members of society are considered equal
people are free to buy whatever they want
2
In the capitalist economy
the government protects workers
modern technology is scarce
the government makes all the decisions
people are rewarded for hard work
3
economic goal: wise use of resources within an economy
economic freedom
full employment
economic efficiency
price stability
4
In this economic system, all decisions are made by the government
command economy
traditional economy
capitalist economy
mixed economy
5
Decision making based on "a little more or a little less"
the political theory
marginal decision making
rational decision making
trade offs
6
High wages and taxes are the burden of which economic system?
capitalist economy
mixed economy
command economy
traditional economy
7
Where are most traditional economies found?
Europe and U.S.
Africa and South America
Iraq and Chile
China and India
8
One of the advantages of this economic system is that everyone works together
command
capitalist
mixed
traditional
9
The cost of the next best alternative choice
Communism
Capitalism
Opportunity Cost
Cost
10
An item that satisfies an economic need or want.
service
widget
good
resource
11
Besides scarcity, what is also required for value?
opportunity cost
scarcity
utility
usefulness
12
One of the disadvantages of the traditional economy is ...
a lack of technology
corruption
social inequality
racism
13
economic goal: prices are not too high, goods are affordable
price stability
full employment
economic growth
economic freedom
14
Which of these countries does NOT have a command economy?
Vietnam
Russia
North Korea
China
15
In this economic system, consumers and workers are protected by the government
traditional economy
capitalist economy
mixed economy
command economy
16
making a decision based on "a little more" or "a little less"
decision making
marginal decision making
cost-benefit decision making
rational decision making
17
People will make a choice only if ...
there is candy involved
there is soda involved
the benefits are greater than the costs
the costs are greater that the benefits
18
economic goal: the freedom to choose one's occupation and use of personal income
economic freedom
full employment
price stability
economic efficiency
19
For every choice we make, there is always a ...
tax
cost
piece of candy
book
20
something performed by another person which satisfies an economic need or want
good
utility
paradox of value
service
21
A good that is made to last more than 2 years
inferior good
durable good
capital good
compliments
22
in which economy are you encouraged to both get a job AND follow government orders?
Traditional
Capitalist
Mixed
Command
23
Which is NOT a disadvantage of the mixed economy?
expensive goods
high taxes
outsourcing of domestic jobs
blatant government corruption
24
Which of the following is NOT one of the three basic economic questions?
How to produce?
When to produce?
For whom to produce?
What to produce?
25
What is the fundamental problem of economics?
stock market
utility
money
scarcity
