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Unit 1 Review Economics Flashcards | StudBud
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Unit 1 Review Economics
Unit 1 Review Economics
20 terms
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Flashcards
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Questions
20
Answers
1
This is a problem because we cannot have everything we want
Production Possibilities
scarcity
opportunity cost
labor
2
refers to a person's well being, how much a person is able to consume
standard of living
competition
self-interest
incentive
3
Which of the following is not one of the three questions economic systems must answer
Who gets the product
How will it be made
How much will product cost
What is going to be made
4
Who wrote the Communist Manifesto?
Ronald Reagon
Mr. Baker
Adam Smith
Karl Marx
5
Who wrote the book The Wealth of Nations?
Adam Smith
Karl Marx
Mr. Passe
Ernest Hemingway
6
Which of the following is NOT a factor of prodcution
unions
land
labor
entrepreneurship
7
Will the Vikings win the Super Bowl in Mr. Passe's lifetime?
no
no
no
no
8
What is this graph showing
Production Possibilities Curve
Market Equilibrium
Supply Curve
Demand Curve
9
What type of economic system best describes the United States?
Mixed
Command
Traditional
Market
10
How many calories are there in the hole of a doughnut
1000
200
0
500
11
The value of the next best alternative that is given up for preferred choice
Division of Labor
Opportunity Cost
Microeconomics
Macroeconomics
12
Adam Smith believed this drove economic markets to fulfill peoples wants and needs
competition
standard of living
incentive
self-interest
13
Government owns or controls almost all of the factors of production
Authoritarian Socialism
Captialism
Traditional
Subsistence
14
This model explains the exchange of resources, products, and money payments in the U.S.
Supply and Demand Curves
Production Possibilities Curve
Circular Flow of Economic Activity
Market Equilibrium
15
individuals own the factors of production and answer the three economic quesitons
Authoritarian Socialism
Captialism
Subsistence
Traditional
16
Private Property can be owned in what type of economic system
Command
market
Communism
traditional
17
economic rivalry that exists among businesses selling the same or similar product
competition
self-interest
standard of living
incentive
18
What type of economy would you classify North Korea?
Mixed
Command
Market
Traditional
19
study of economic choices made by individuals and households
Microeconomics
Opportunity Cost
Division of Labor
Macroeconomics
20
In this type of economic system the government owns some of the factors of production
Market
Traditional
Democratic Socialism
Command
