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Economics Unit 1 Test Prep Flashcards | StudBud
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Economics Unit 1 Test Prep
Economics Unit 1 Test Prep
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1
Karl Marx created which economic system
captialism
mixed economy
communism
traditionals economies
2
I can make 100 butter a day. If I lose 10 butter to make 1 gun. How many guns can I make in a day instead of butter?
10 guns
20 guns
3 guns
1 gun
3
The point(s) on the Production Possibility Frontier
none of the above
impossible
underutilized
efficient
4
money that has value based on material which it is made
fiat money
electronic money
representative money
commodity money
5
any tool made by man used to aid production
equipment
machinery
capital
stuff
6
Economically, the effort people exert in producing goods and services
entrepreneurship
capital
labor
work
7
The study of how people use their limited resources
economics
scarcity
biology
personal finance
8
money used in the United States
commodity money
representative money
fiat money
electronic money
9
Three questions that economies have to answer on production
what, when, and where to produce
what to produce, how to produce it, and for whom to produce it
what colors the business sign should be
what, why, and how to produce
10
market where people sell their skills for money
individual market
factor market
product market
business market
11
The opportunity cost of a decision is
the benefits of the choice you made
the value of something you gave up to get what you want
the chance to make another decision
the loss of all other options
12
Which THREE ARE characterisitics of money
acceptable
stable
returnable
limited
13
the creator of change in economics
entrepreneur
boss
catalyst
creator
14
market where you find goods for sale
super market
product market
factor market
target
15
Economic goals stressed in a market economy
economic stability and sercurity
economic stability and equity
economic efficiency and freedom
economic stability and growth
16
the building in economic terms is considered
human capital
physical capital
labor
land
17
A PPC demonstrates what
shortage
underutilization
product market
everything is a tradeoff
18
The invisible hand is
the government
capital
self-interest
labor
19
Four factors of production
effort, energy
captial, entrepreneurship
money, materials
land, labor
20
store of value
something that holds value over time
determines economic worth in the exchange process
none of the above
means through which goods can be exchanged
21
medium of exhange
determines economic worth in the exchange process
means through which goods can be exchanged
none of the above
something that holds value over time
22
Which is NOT a fucntion of money?
unit of account
mutual exchange
store of value
medium of exchange
23
Best goal for raising the standard of living
equity
freedom
security
growth
24
the Soviet Union focused their economy in TWO areas
collectives
captial goods
heavy industry
family farms
25
After meeting one's needs, that person thinks about what next?
wants
satisfaction level
cravings
desires
26
economic system that has freedom of choice to buy and sell
traditional
command
market
communism
27
a person who purchases good and services
producer
manager
seller
consumer
28
free buying and selling of goods and services
voluntary exchange
factors of production
incentives
communism
29
The problem at the root of economics
choices
jobs
the economy
scarcity
30
I can produce 10 pencils a day. Suppose I lose 1 pencil to make 7 erasers. If I make 8 pencils, how many erasers?
8 erasers
16 erasers
10 erasers
14 erasers
31
Limted money and time force you to
choose wants only
choose needs only
choose goods and not services
make tradeoffs
32
a reward or punishment that influences decisions in economics
economy
incentive
social safety net
tradeoff
33
Economically, food, clothing, and shelter are
necessities
needs
wants
supplies
34
The point outside or above the Production Possibility Frontier
impossible
none of the above
underutilized
efficient
35
unit of account
something that holds value over time
none of the above
determines economic worth in the exchange process
means through which goods can be exchanged
36
example of human capital
the labor the employee uses to make products
all the training needed to make products
all the resources as a whole
all the goods used to make products
37
Economically, those who provide goods and services
producers
managers
consumers
sellers
38
the simple idea of national spending
tanks and wheat
guns and butter
cheese and crackers
bread and cheese
39
work performed for someone is called...
a want
a service
a service good
a good
40
trading goods and services instead of a currecy
unfair
credit
barter
money
41
The point inside or below the Production Possibility Frontier
none of the above
efficient
underutilized
impossible
42
money backed by gold
commodity money
representative money
electronic money
fiat money
43
economic system that has some government intervention
command
market
traditional
mixed
44
Resource that is not created by humans
land
areas
buildings
materials
45
the circular flow model illustrates what
depicts the characteristics of the US economic systems
shows how money, goods, and resources move in a market
explains differences among traditional, command, and market systems
overthrow of capitalism
46
Economic goals stressed in Communism
economic stability and sercurity
economic stability and equity
economic stability and growth
economic efficiency and freedom
47
cost of creating one more product
money
thinking at the margin
incentive
physical capital
48
Establishing safety nets in an economy promotes which economic goal?
efficiency
security
equity
freedom
49
economic system where government controls production
mixed
market
traditional
command
50
Which is not a characteristic of money?
durable
changable
divisible
portable
