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Economics -T2-FINAL Exam Review (2025) Flashcards | StudBud
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Economics -T2-FINAL Exam Review (2025)
Economics -T2-FINAL Exam Review (2025)
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Midterm Preparation Review
Flashcards
31 cards
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Questions
31
Answers
1
Human capital
is
The skills, knowledge and money possessed by an individual
The skills, knowledge, and experience possessed by and individual
The demand, knowledge, and skills possessed by an individual
The knowledge, skills, and land possessed by an individual
2
As an
Entrepreneur
, it means that you are the person who is-
Making the most money.
Travelling all over the country.
Using all of your money to start a business.
Taking the most risk!
3
Supply and Demand -It is the main model of
price determination
used in economic theory.
True
False
4
An
Entreprenuer
is…
A very good worker
A person who works for the government
A person who is lazy
A person who starts and owns a business
5
Which of these are
not
the
4 factors of production
?
Labor
Employees
Land
Captial
6
What are the
factors of production
?
Capital, entrepreneurship, Laziness, Do Nothings
Land, Labor, Capital, entrepreneurship
Donald Trump
Land, Labor
7
What is
Economics
?
How things are made, bought sold and used
How we allocate money to certain policies and the money.
Money, Stock market, and purchasing decisions
The study of how we make decisions with limited resources
8
Factors Of Production is
?
Land, Labor Capital
Kentucky, Fried, Chicken
Land, Ladder, Capital
Lans, Labor, Capital
9
Demand is
the amount of something that is available
the number of people who want or need something
another name for a service
a name of a coin used in the Caribbean
10
A typical example of a
Traditional Economy
, would be one of the following-
motorized conveyor belts
Trading & Batering
Use of drones to deliver packages
Manufacturing warehouse
11
Who determines
demand
?
The Sellers
The Buyers
12
What is an
economic system
?
A system where power distribution is included.
The ways in which society answers the economic questions.
the ability to produce more of a given amount of resources.
A system on private ownership trade between buyers & sellers.
13
To answer the
three (3) questions of economics
involves of the following, except.....
When to produce
For whom to produce
How to produce
What to produce
14
What is
financial Literacy
?
boring....
That class taught by Mr. Bashir
money reading
basic financial knowledge
15
Paying your taxes by April 15
responsibility
duty
16
When it comes to
Opportunity Cost
, it is the next best or desirable choice or the one you did not take (true or false)
False
True
17
All are economic systems
except
........
Command Economy
Mixed Economy
Banking System Economy
Free Market Economy
18
The difference between
physical capital and human capital
is that
human capital
includes the following-
People who handle packages
Skills and Experience
Physical Strength
Objects and useful items
19
What is
Financial Literacy
?
Depositing a check.
Spending your money once you get paid.
Having knowledge on the management of money.
Opening a bank account.
20
To be considered as a part of the
Labor Force,
means that you are ........?
16 years of age , have worked 1 hour of pay or free on the family farm.
A retiree with a pension.
A stay home parent, taking care of young children.
A full time student
21
We all
desire
things that we may not have, it is referred to as a -
A brand new car
a life!
Need
Want
22
The
most
employment loses
were among women
True
False
23
Money from taxes is used to pay for services that are provided by the government.
False
True
24
You are considered a
Generation Z baby
if you were born.....
From 1946 to 1964
From 1979 to 1985
From 1996 to 2012
From 1964 to 1978
25
Economic systems regulate
the factors of production, including
land, capital, and labor
True
False
26
When countries decide to either to
produce military supplies
over consumer goods, economist refer to this as-
Guns vs Butter
Ham & Cheese
Bacon & Eggs
Peanut butter & Jelly
27
What happens when the
supply is high and the demand is low
?
You have a equlibram
The Prices tend to fall
Prices go crazy and have a party
The Prices tend to increase
28
What is a
budget
?
A collection of investments
A written plan for spending, saving, and investing the money you earn
An expense list
A bank account
29
When making decisions, most people and the government will consider these two things-
How long it will take to get the items and from what distance.
What the trade-off will be if you don't buy that item quickly.
The cost of the items and availability
Needs vs Wants
30
A
mixed economy
is a mix of which
2 economic systems?
Traditional and command
Market and command
Market and socialist
Command and free-enterprise
31
What is
Economics
making decisions to satisfy human needs & wants
Being able to purchase a real estate property
Making decisions to satisfy human needs
Making investments in the New York Stock Market
