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Economics Flashcards | StudBud
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Economics
Economics
21 terms
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StudBud Administration
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80 plays
To introduce the basics of economics
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
In what order does a business cycle occur?
Recession, trough, recover, expansion
Expansion, recession, trough, recover
Trough, recession, recover, expansion
Expansion, trough, recession, recover
2
Actions of businesses, consumers, and the government affect what key term?
business cycle
productivity
all of the above
trade
3
What is a command economy?
an economy that has elements of every type of economy
traditions and rituals answer what, how or whom
an economy that has elements of every type of economy
A country’s government makes economic decisions
4
What is a mixed economy?
traditions and rituals answer what, how or whom
A country’s government makes economic decisions
there is no government involvement in economic decisions
It has elements of every type of economy
5
What is the most common economy?
Market
Mixed
Traditional
Command
6
Explain the concept of scarcity
the difference between economies
the difference between wants / needs and available resources
losing a lot of money
when a company goes out of business
7
What does entrepreneurship refer to in the factors of production?
the amount of time entrepreneurs put into a business
how successful entrepreneurs are
the amount of people who are entrepreneurs
the skills of people who invest time/money to run a business
8
What is the consumer price index?
the amount of increased productivity
measures the consumers wants
the total dollar value of goods and services produced
measures the change in price over a period of time
9
An economy is measured by....
the decrease of employment
all of the above
the increase of productivity
maintenance of stable prices
10
What is the physical development of a country?
consumer index
infrastructure
economics
trade
11
What is an economy?
the way to provide for the needs and wants of the people
the way a nation manages money
a type of trade
the development of a country
12
What is land refer to in the factors of production?
everything contained in a specific state
everything contained in the world, not including the seas
everything contained in the earth or found in the seas
everything contained in that one country
13
What is a traditional economy?
A country’s government makes economic decisions
there is no government involvement in economic decisions
Economy that has elements of every type of economy
traditions and rituals answer what, how or whom
14
What economy does the United States have?
Command
Traditional
Market
Mixed
15
What does labor refer to in the factors of production?
all of the people that work for specific jobs
all of the people that work
The amount of hours worked
people that do physical labor
16
What are the factors of production?
Economy, Capital, Land, Entrepreneurship
Land, Labor, Tradition, Entrepreneurship
Land, Labor, Capital, Entrepreneurship
Land, Scarcity, Capital, Entrepreneurship
17
What does capital refer to in the factors of production?
all of the above
the total money that a business has
where the business is located
money to start and operate a business
18
What is defined as "the output of work in one hour"
gross domestic product
consumer price index
infrastructure
productivity
19
What is a market economy?
an economy that has elements of every type of economy
there is no government involvement in economic decisions
traditions and rituals answer what, how or whom
A country’s government makes economic decisions
20
An increase in productivity, decrease of unemployment, and maintenance of stable prices are....
how economies are measured
part of the business cycle
the definition of economy
the goals of a healthy economy
21
What is gross domestic product?
The total amount of products that were produced
The price of the product
The amount of products made per hour
the total dollar value of goods and services produced
