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CE. 11 and 12 Flashcards | StudBud
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CE. 11 and 12
CE. 11 and 12
32 terms
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Questions
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Answers
1
Capital resources include
Vehicles, buildings, computers
All of the above
Cash register, store fittings, stock
Tractors, sheds, irrigation system
2
What is an example of capital
Grass
Boss
Hammer
3
_________ means resources are limited but people’s wants are unlimited.
opportunity cost
scarcity
capital
allocation
4
What is economics?
sales
money remaining from revenues after expenses are paid
the study of the government
The study of how goods/ services are produced, and consumed
5
what is a traditional economy
All of the above
an economy controlled by traditions, customs, and beliefs.
an economy driven by country's individual citizens
an economy controlled centrally by a government.
6
A command economy
What we have in the United States
Has many choices
is a government planned economy
is full of individual opportunity
7
What is scarcity?
Limited resources
Unlimited resources, limited wants
Unlimited wants
Unlimited wants, limited resources
8
Who determines demand?
Sellers
Buyers We the People
9
What is shortage?
serfs
jobs
When demand exceeds supply.
supply
10
Does China's economy lean toward command or market economy?
Market
Command
11
What graph is this?
Supply
Demand
12
What are the three basic questions of economic systems?
How Much? Where can I get that? Does it come in my size?
What is the Opportunity Cost? Do I analyze it? What is it?
What? How? For Whom?
13
Is economics important in our world?
False
True
14
define opportunity cost
a group of buyers and sellers
the price of a good or service increases
total satisfaction received from consuming a good service
the benefits you could have received or the second best alternative
15
What is entrepreneurship
Having an idea, human and financial capital and resources
Name of the ship that sailed
the desire to go home 🏠
word is to long IDK
16
A free market economy
Has a mixed amount of government involvement
Has to much government involvement
Has a lot of government involvement
has very little government involvment
17
Production is
combining of ingredients
Take it
Robots
Combination of human, natural, capital and entrepreneurship ...make it
18
A car is a natural resource.
False
True
19
Traditional Economy is
Free Market
What the government tells you to do
based on the circular flow
based on custom and historical precedent
20
As supply increases, price will increase
False
True
21
Where supply and demand curves meet is known as:
connection
equal
coincide
equilibrium
22
What is consumer choice?
owned or provided by the government
A good or service sold in another country
Buyer's purchases determine the goods and services produced
The wealth and resources of a country
23
What role does the government play in the U.S. economy?
it provides national defense
it provides private businesses
it collects taxes, provides goods, provides services
it passes and enforces laws
24
Today, the U.S. Economy is often characterized as a ________ economy.
laissez-faire
socialist
command
mixed
25
In economics, a market includes
eBay
Food Lion
all of the above
Roses
26
What is Opportunity cost?
Goods or services that are required for survival.
A fundamental belief or practice about what is desirable.
Giving up one thing for 3 others.
The value of the next best alternative that must be forgone or second best.
27
Which is NOT a natural resource?
trees
paper
sun
flowers
28
A free market economy
Has a lot of government involvement
Has to much government involvement
Has a mixed amount of government involvement
has very little government involvment
29
When consumers, producers, and government decision makers are forced to make choices
Scarcity
Civics
Resources
Economics
30
Mr. L own a taco shop his business is
A corporation
Out of business he doesn't know how to make tacos
A sole proprietorship
A partnership
31
Who determines supply?
Students in Mr. L's class
Suppliers
Buyers
Demanders
32
A mixed Economy
Is to confusing
Is in North Korea
The Internal Revenue System
Is what most countries are today and in the United States
