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Basic Economic Concepts
Basic Economic Concepts
15 terms
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StudBud Administration
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A quiz to review basic economic concepts.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Ownership of private property is most characteristic of ...
Authoritarian Socialism
Capitalism
Communism
Democratic Socialism
2
Why are the two circles flowing in different directions?
This is a mistake.
Because resources go to the households.
Because money & goods are changing hands.
That is just the way it is.
3
The government owns most or all property in this economic system.
Capitalism
Democratic Socialism
Authoritarian Socialism
Communism
4
Individuals answer the basic economic questions in a ... economy.
Traditional
Command
Mixed
Free Market
5
The government owns some factors of production in this economic system.
Authoritarian Socialism
Democratic Socialism
Capitalism
Communism
6
Who supplies the Factor Market with resources?
Households
Inputs
Businesses
Goods
7
What is the name of this economic model?
Economic Business Model
Circular Flow Model
Circling Market Model
Households and Businesses Model
8
What does point C represent?
Mostly guns are produced
Not using resources fully
Uses resources efficiently
Cannot be achieved yet
9
What is the name for this economic model?
Production Possibilities Curve
Production Possibilities Frontier
Production Management Curve
Production Possibilities Cave
10
Today virtually all economies are ... economies.
Mixed
Command
Traditional
Free Market
11
Government planners make all the decisions in a ... economy.
Command
Mixed
Free Market
Traditional
12
What is the factor market also called?
Market for Goods & Services
Resource Market
Farmer's Market
Supermarket
13
What does point A represent?
Uses resources efficiently
Mostly guns are produced
Not using resources fully
Cannot be achieved yet
14
Multiple countries with economies based on Democratic Socialism are found in ...
Asia
Europe
South America
North America
15
What does point X represent?
Mostly guns are produced
Cannot be achieved yet
Not using resources fully
Uses resources efficiently
