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Economic Concepts
Economic Concepts
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1
The study of the economy at the level of individuals, households, & businesses
Microeconomics
Laissez-faire
Command Economy
Tradeoff
2
approach to production in which individual workers become highly skilled as specific task
Specialization
Laissez-faire
Tradeoff
Communism
3
What is the goal of a traditional economy?
economic stability and security
economic freedom & efficiency
accumulate wealth for the ruling class while maintaining stability
4
the value of the next best choice you opted not to take
Laissez-faire
Microeconomics
Opportunity Cost
Tradeoff
5
Which of the following would be considered a trade off?
My construction manager boss & I danced to see who was better
I only have enough money for one thing: either a skateboard or a snowboard
I went to school to become an electrician
I traded my Monday shift for Steve’s Friday Shift
6
Which of the following would be considered an opportunity cost?
I chose not to work on thanksgiving so I lost out on time & a half
I chose to buy a cake
I pay for a class at the local community college
I chose to not take the highway to work to avoid traffic
7
A lack of resources always creates the problem of
Pollution
Inflation
Scarcity
War
8
What economic system does North Korea have?
Mixed Economy
Command Economy
Traditional Economy
9
The study of how people choose to use their limited resources to satisfy their unlimited wants
Tradeoff
Economics
Specialization
Microeconomics
10
What are the factors of production?
soccer
labor
land
capital
11
What economic system does colonial Haiti have?
Command Economy
Traditional Economy
Mixed Economy
12
decisions about production are made by individual consumers & producers
Economics
Laissez-faire
Trade
Socialism
13
powerful ruler or authority make decision about production
Tradeoff
Command Economy
Economics
Communism
14
A factory might improve efficiency by introducing a division of labor.
True
False
15
He is known as the father of capitalism.
John Maynard Keynes
Karl Marx
Adam Smith
Thomas Malthus
16
What economic system does the Modern United States have?
Mixed Economy
Command Economy
Traditional Economy
17
What is the goal of a Market economy?
accumulate wealth for the ruling class while maintaining stability
economic freedom & efficiency
economic stability and security
18
both government & individuals play an important role in production & consumption
Economics
Specialization
Command Economy
Mixed Economy
19
What is the goal of a Command economy?
economic stability and security
economic freedom & efficiency
accumulate wealth for the ruling class while maintaining stability
20
Scarcity requires people to make decisions about how to use resources effectively.
False
True
21
The three questions all economic systems must address are: what to produce, where to produce and why they should produce
False
True
22
Which of the following is NOT a legitimate form of economic exchange?
cash
Credit
barter
larceny
23
In a capitalist system, firms are driven primarily by
working for economic equality
job creation
profit
improving country’s technology
24
Which of the following is NOT a tangible good?
Pens
Sneakers
Cars
The noise of music
25
a political & economic system in which all property/wealth is collectively owned by all members of society
Communism
Tradeoff
Command Economy
Laissez-faire
26
In a capitalist economy, the prices businesses charge for goods and services is mainly influenced by
the weather
supply and demand
The government
the media
27
Adam Smith’s most noted work was called
Essays on the Principles of Population
The General Theory of Employment
The Wealth of Nations
The Communist Manifesto
28
What are the 3 economic questions?
where to produce it
What to produce
Who to produce it for
How to produce it
29
money earned by a business after subtracting operation costs
Economics
Profit
Communism
Laissez-faire
30
Karl Marx’s most noted work was called
The General Theory of Employment
The Wealth of Nations
Essays on the Principles of Population
The Communist Manifesto
31
He is considered the “the father of communism.”
Adam Smith
Karl Marx
Thomas Malthus
John Maynard Keynes
32
Which of the following is a concept created by Adam Smith?
The invisible idea
The invisible hand
The invisible bank
The invisible government
33
political & economic philosophy based on collective (government) ownership of a society’s resources/means of production
Communism
Macroeconomics
Laissez-faire
Socialism
34
free market economic system
Market Economy
Economics
Socialism
Communism
35
voluntary exchange where both parties give up something to get something
Microeconomics
Tradeoff
Command Economy
Trade
