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Civics and Economics CE.11 Flashcards | StudBud
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Civics and Economics CE.11
Civics and Economics CE.11
20 terms
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StudBud Administration
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A Quiz to prepare for the unit test.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Factors of Production
Capital
Entrepreneurship
Natural
Human
2
The basic questions of economics
For whom it will be produced
How it will be produced
What will be produced
3
We have unlimited wants but are resources are
limited
unlimited
4
Second best choice
Opportunity cost
cost of opportunity
5
What are the characteristics of a Command economy
Lack of consumer choice
Central ownership
Central Planned economy
6
Law of Supply
Producers will sell more when they can sell it at lower
Producers will sell more when they can sell it at higher
7
Rivalry between consumers or producers
Consumer sovereignty
Competition
8
What are the characteristics of a Mixed economy
The government make the public sector
Individuals and businesses make the private sector
9
Free Market
Competition
Producer sovereignty
Profit Motive
Private Ownership
10
Profits consists of earning minus expenses
Profit
Profit motive
11
Which economy has central planning
Free market
Command
Mixed
12
Supply is the amount of goods or service that producers are willing to sell
False
True
13
Traditional economies
economic decisions are based on customs
Decisions are based on customs
14
Demand is the amount of goods consumers of willing to buy
False
True
15
Combining Human Natural Capital and Entrep to make goods and services
Scarcity
Production
16
Because of _____, consumers producers and government decision makers are forced to make choices
Scarcity
Resources
Opportunity Cost
Scare City
17
Private Property
Individuals and don't have the right to personal property
Individuals and business have the right to personal property
18
Free Enterprise
Markets are not allowed to operate without the government
Markets are allowed to operate without the government
19
Price is determined by supply and demand
False
True
20
Which government is minimally involved
Free Market
Command
