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