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Intro to Econ / Econ Systems Assessment Flashcards | StudBud
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Intro to Econ / Econ Systems Assessment
Intro to Econ / Econ Systems Assessment
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#Intro to economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The majority of economic systems in the world are which type?
Command
Mixed
Pure market
Traditional
2
What are "goods?"
An activity produced from economic resources
The best option for consumers to purchase
The best option for producers to purchase
A tangible item made from economic resources
3
What is one advantage of a traditional economy?
There is plenty of innovation and efficiency
Close family and community ties
Ultimate economic freedom
4
Who controls the factors of production in traditional economic system?
The government
Tradition, values and custom
Individuals
5
Who controls the factors of production in a command economic system?
Tradition, values and custom
The government
Individuals
6
What is the basic problem in economics?
Too many resources for people, so they must make choices
Humans are not efficient, so economics tries to solve this
People have unlimited wants/needs
7
All economic decisions result in what?
Interest
Revenue
Trade offs
8
According to the Production Possibilities Frontier, any point that is ON the curve means what?
Inefficiently
It is impossible to operate at a point ON the curve
Efficiently
9
What is one disadvantage of a command system?
Individuals have too much economic freedom
Everyone knows their place and role in the economy
Economic and individual freedom is extremely limited
10
What is one disadvantage of the pure market system?
The government controls all of the factors of production
Individuals have no freedom
No assistance for those who are too sick, old or young
11
An advantage of the pure market system is...
The government steps in during times of economic hardship
People already know role they will play in the economy
Individuals have ultimate economic freedom
12
What are the four factors of production?
Labor, Capital, Taxes, Revenue
Capital, Entrepreneurship, Liberty, Revenue
Land, Labor, Income, Taxes
Land, Labor, Capital, Entrepreneurship
13
Who controls the factors of production in a pure market system?
Tradition, values and custom
The government
Individuals
14
What are the three questions every economic system must answer?
Where do we produce, for whom to produce, why do we produce?
What do we produce, how do we produce, why do we produce?
What do we produce, how do we produce, for whom we produce
15
What are "services?"
A tangible item made from economic resources
The best option for consumers to purchase
An activity produced from economic resources
The best option for producers to purchase
16
Which choice best describes entrepreneurship?
The machines, building and equipment
The natural resources used to produce goods and services
The person who has the idea to produce a good or service
Human effort used to produce goods and services
17
An economy is made up of which two parts?
Wealth and resources of a nation / how they manage resources
How businesses save money, and the wealth of a nation
The incomes of all people, and government spending
Demand and supply!
18
A mixed economy borrows parts from two or more economies:
False
True
19
What type of economic system do we have in America?
Mixed
Pure Market
Command
Traditional
20
What is the difference between scarcity and shortages?
Scarcity and shortages are the same thing
Scarcity is temporary; shortages are permanent
Shortages are temporary; scarcity are permanent
Shortages are unimportant, and scarcity does not exist
