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Semester 1 Final Econ Flashcards | StudBud
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Semester 1 Final Econ
How is cryptocurrency different than money?
What is trade?
Semester 1 Final Econ
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Answers
1
What is trade?
IDK
Mutually detrimental
Doesn't matter
Mutually Beneficial
2
How is cryptocurrency different than money?
Cryptocurrency is physical and can be stored in a wallet like cash
It is universally accepted for all transactions, unlike traditional money
Cryptocurrency is backed by gold, while traditional money is not
It is decentralized and operates independently of a central authority
3
Which is an example of cryptocurrency?
Euro
Bitcoin
Dollar
Gold
4
What is a stock?
A physical good stored for sale at a retail location
A certificate that gives the holder ownership in a company
A savings account that earns interest over time
A type of bond that represents a loan made to a company or government
5
What is the correct definition of the word "Specialization"?
focusing on one product or limited products so as to become more efficient
the wealth and resources of a country or region
amount of money a business makes after subtracting its expenses
the most common measure for the size of an economy
6
What is the difference between a commercial bank and a credit union?
Credit unions provide services to businesses, commercial banks serve people
Commercial banks offer loans, but credit unions do not
Credit union is owned by its members, commercial bank owned by shareholders
commercial bank is non-profit organization, credit union is a for-profit
7
What are the 4 Factors of Production
LandLaborCapitalGovernment
LandLaborCapitalEntrepreneurship
LandCommunicationCapitalEntrepreneurship
LandLaborGovernmentEntrepreneurship
8
What is the correct definition of the "Gold Standard"?
government controls value of money based on the amount of gold in reserves
A monetary system in which the value of currency is directly linked to gold
system of trade where countries exchange goods based on the weight of gold
Financial policy where only gold coins are used as currency in transactions
9
Who was Adam Smith?
A French economist who developed the theory of comparative advantage
A political leader who introduced the concept of socialism to the world
An economist and philosopher known for his work on economics
A 19th-century philosopher who advocated for the abolition of slavery
10
What is inflation?
A situation where the value of money remains constant over time
A reduction in the supply of money in an economy, leading to higher prices
A decrease in the overall price level of goods and services in an economy
An increase in the overall price level of goods and services in an economy
11
What does GDP stand for?
Gross Domestic Product
Gross Demand Production
Gap Domestic Product
Gross Demand Product
12
Which of the following best defines consumerism?
The belief in reducing waste and buying only essential goods
The focus on creating products with minimal environmental impact
A government policy aimed at controlling the prices of consumer goods
The economic system that encourages acquisition of goods and services
13
What is the correct definition of the word "Good" in Business terms (That we talked about)?
Physical product
You succeed in sports
A business is performing well
Nice person
14
What has happened to prices since the 1950's and why?
They've stayed the same, because
They've gone up, inflation
They've gone down, the economy
They've gone up, democracy
15
What is representative money?
Money that is backed by a government promise but has no intrinsic value
Money that has intrinsic value, like gold or silver coins
Money that can be exchanged for a fixed amount of a commodity, such as gold
Money that is accepted universally for all goods and services
16
Which is a correct example of a financial institution?
Hiding it in a cereal box
Chase Bank
Your wallet
Hidden in the dirt under a tree
17
Who was a key figure in the political cartoons that we studied about the Gold Standard?
George Washington
Alexander Hamilton
Uncle Sam
John Adams
18
When is it better to sell a stock?
When its price is high
Stocks are dumb
IDK
When its price is low
19
What is the difference between Communism and Capitalism?
Communism is run in most countries, Capitalism only run in some
Communism government controls economy, capitalism market controls economy
Communism run in U.S., Capitalism run in Canada
Communism property is shared, Capitalism property is privately owned
20
What is the correct definition of Free Enterprise Economy?
businesses and individuals are largely free to make their own economic
a political theory derived from Karl Marx
a small group of people having control of a country
a system of government in which priests rule in the name of religion
21
What is not an example of opportunity cost?
Buying a new phone instead of investing the money in a savings account
Choosing between two equally good job offers, each with the same salary
Spending time studying for a test instead of watching your favorite TV show
Choosing to spend $20 on a concert ticket instead of using it for food
