stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Econ Unit 1 Review Flashcards | StudBud
Explore
/
Econ Unit 1 Review
Econ Unit 1 Review
31 terms
·
StudBud Administration
·
87 plays
Imported from external platform
Flashcards
31 cards
F
Practice quiz
P
Host live
L
Questions
31
Answers
1
Define Scarcity
A social science dealing with people's needs and wants.
A fundamental problem in society.
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
2
In capitalism, the _____ own the factors of production
millionaires
private citizens
businesses
producers
3
What are advantages of a Traditional Economy?
Everybody can participate how they want
Everybody can eat whatever they want
Everyone knows what role to play
Nobody has to work
4
Opportunity cost can be...
money
neither of these
both of these
time
5
Moving from point B to point A shows _____
inefficient production
a different combo of products
economic growth
economic decline
6
tools, machinery, and factories are examples of ______
financial capital
land
capital goods
labor
7
This economic system can sometimes fail to meet the basic needs of a society
traditional
command
market
8
True or False: Voluntary exchange is present in a command economy
true
false
9
The idea of comparative advantaged is based upon:
Property rights
Tax Rates
Inflation
Opportunity Cost
10
Division of labor forces people to ___________in one aspect of a job
diversify
unionize
specialize
pacify
11
_____ means not having enough of something
opportunnity cost
marginal
inflation
scarcity
12
Which of the following represents marginal cost?
Wages and raw materials
The sum of fixed costs and variable costs
Mortgage payments
The cost of producing one additional unit
13
what is a market economy
an economy driven by country's individual citizens
an economic system combining private and public enterprise.
an economy controlled by traditions, customs, and beliefs.
an economy controlled centrally by a government.
14
Which of the following is a characteristic of a mixed economy?
economic decisions are made by government and ruler
both the market and the government make economic decisions
all economic decisions are determined by supply and demand
the government controls all economic decisions
15
Marginal benefit is
loss of highest-valued alternative
forgone opportunity
additional cost from one more unit of an activity
additional gain from one more unit of an activity
16
A good used to produce another good or service is called a ____________
service
capital good
product
consumer good
17
This economic system can make big changes quickly because there is one central decision maker
command
market
mixed
traditional
18
a _____ is a basic requirement for survival
motivator
want
incentive
need
19
In Economics, 'Land' is defined as:
Natural materials used to create goods and services
The layer of the Earth where all resources are found
The equipment used to create goods and services
The portion of the Earth not underwater
20
What's a command economy.
Resources owned by the market.
Resources owned by Shaggy.
Resources owned and controlled by the government.
Resources owned and controlled by the people.
21
The USA has a ______ economy
market
mixed
traditional
command
22
In command economies, the government's role is to ______
encourage competition
ensure consumer satisfaction
make all decisions
promote freedom
23
In a mixed economy, the government's role is to _____
regulate
make all decisions
plan all activities
define goals
24
_______ is people, including their skills and abilities
land
labor
service
capital
25
What are disadvantages of a Traditional Economy?
People have to work
It discourages new ideas
People can't eat
Nobody participates
26
This shift in the PPF shows economic ______
growth
decline
surplus
inefficiency
27
What is human capital?
the division of labor
Skills, knowledge, and abilities people have or obtain
the amount of money people are willing to spend on a product
choosing a college
28
Alternative choices made in the market place are called
opportunity cost
scarcity
trade offs
incentives
29
Any point along the PPC means......?
Neither
The production of goods is being done efficiently
The production of goods is being done inefficiently
We are in a recession
30
define opportunity cost
the second best option
the price of a good or service increases
total satisfaction received from consuming a good service
a group of buyers and sellers
31
Is it possible for a producer to have both the absolute advantage and the comparative advantage?
Yes
Yes, totally.
No
No Way
