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12th Grade Econ Chapter 2 Flashcards | StudBud
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12th Grade Econ Chapter 2
12th Grade Econ Chapter 2
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Chapter 2
Flashcards
29 cards
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Questions
29
Answers
1
function of money
Store of value- Doesn't age and is savable
Measure of Value- Provides a single, concrete price
All are functions of money
Medium of Exchange- tradeable
2
Entrepreneurs help our economic system .....
All of the above
Grow
Avoid Stagnation
Change
3
“People buy and sell products to acquire things they want"
Market Competition
Voluntary Exchange
Specialization
Price System
4
“Resources and products owned by individuals/businesses”
Public Property
Private Property
5
government holds property rights and commands the what/how/for whom questions
Traditional System
Command System
Mixed System
6
represent real life
Money
Households
Models
Markets
7
Basic needs should be met is known as Economic...
Efficiency
Freedom
Security
Equity
8
Trading goods and services without money
Households
Barter
Money
Models
9
People can make choices but government is also involved in the economic lives of its citizens
Traditional System
Mixed System
Command System
10
Businesses will compete for customers by adjusting the price/quality of their products
True
False
11
If you don’t satisfy, your competitor will
False
True
12
“Process In which businesses/people focus on producing one or a few parts of an entire product”
Price System
Voluntary Exchange
Specialization
Entrepreneurship
13
Everyone is not dependent on each other
False
True
14
Life should improve as output of goods/services increase
True
False
15
“Resources and products owned by the government”
Public Property
Private Property
16
People are free to make economic choices that they believe offer the most benefits
Voluntary Exchange
Specialization
Entrepreneurship
Free Enterprise
17
Ability to choose how to make/spend money is known as Economic...
Freedom
Equity
Efficiency
Security
18
Getting the most out of your resource is known as Economic...
Security
Freedom
Efficiency
Equity
19
Competition among businesses
Entrepreneurship
Market Competition
Price System
Specialization
20
anything that is generally accepted as payment (needs to hold value)
Labor
Households
Barter
Money
21
Increasing prices: Businesses reduce production and consumers increase purchases
False
True
22
“Seeing opportunities and acting to introduce new/better products”
Models
Entrepreneurship
Market Competition
Price System
23
“Uses monetary prices as a message system to facilitate exchanges between buyers and sellers”
Price System
Models
Households
Market Competition
24
Specialization allows a business to increase the amount it produces and sells
False
True
25
People rely on customs and traditions. Less common today but found in remote rural areas
Traditional System
Mixed System
Command System
26
People, being free to own property and use it how they want, try to use it
effectively
False
True
27
Increased production, employment, and income are signs of economic growth
False
True
28
used to describe individuals living in the US
Models
Households
29
Everyone having equal economic opportunists is known as Economic...
Security
Equity
Freedom
Growth
