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Econ Unit 1 Review Flashcards | StudBud
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Econ Unit 1 Review
Econ Unit 1 Review
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Flashcards
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Questions
32
Answers
1
This shift in the PPF shows economic ______
growth
surplus
inefficiency
decline
2
Define Scarcity
A fundamental problem in society.
Needs and wants outweigh the amount of resources available.
A social science dealing with people's needs and wants.
A limited amount of resources compared to prices.
3
What is human capital?
choosing a college
Skills, knowledge, and abilities people have or obtain
the division of labor
the amount of money people are willing to spend on a product
4
What's a command economy.
Resources owned by the market.
Resources owned by Shaggy.
Resources owned and controlled by the people.
Resources owned and controlled by the government.
5
tools, machinery, and factories are examples of ______
financial capital
labor
land
capital goods
6
This economic system can sometimes fail to meet the basic needs of a society
traditional
market
command
7
a _____ is a basic requirement for survival
incentive
motivator
need
want
8
In Economics, 'Land' is defined as:
The equipment used to create goods and services
Natural materials used to create goods and services
The portion of the Earth not underwater
The layer of the Earth where all resources are found
9
what is a market economy
an economic system combining private and public enterprise.
an economy controlled by traditions, customs, and beliefs.
an economy driven by country's individual citizens
an economy controlled centrally by a government.
10
The USA has a ______ economy
command
mixed
traditional
market
11
Marginal benefit is
loss of highest-valued alternative
additional cost from one more unit of an activity
additional gain from one more unit of an activity
forgone opportunity
12
What is allocation?
Burning or cutting money.
The distribution of something.
A crime.
To keep something all to oneself
13
What are disadvantages of a Traditional Economy?
It discourages new ideas
People have to work
People can't eat
Nobody participates
14
What are advantages of a Traditional Economy?
Everybody can eat whatever they want
Everybody can participate how they want
Everyone knows what role to play
Nobody has to work
15
Alternative choices made in the market place are called
trade offs
opportunity cost
incentives
scarcity
16
True or False: Voluntary exchange is present in a command economy
false
true
17
This economic system can make big changes quickly because there is one central decision maker
command
traditional
market
mixed
18
A good used to produce another good or service is called a ____________
service
product
capital good
consumer good
19
In capitalism, the _____ own the factors of production
businesses
producers
private citizens
millionaires
20
Division of labor forces people to ___________in one aspect of a job
specialize
pacify
unionize
diversify
21
Which of the following represents marginal cost?
Wages and raw materials
Mortgage payments
The cost of producing one additional unit
The sum of fixed costs and variable costs
22
What is a shifter of the PPC?
Change in resources
Trade
Price
Change in technology
23
This allocation method centers on the laws of supply and demand
force
price
lottery
sharing
24
Opportunity cost can be...
time
neither of these
both of these
money
25
_______ is people, including their skills and abilities
labor
capital
service
land
26
In command economies, the government's role is to ______
make all decisions
ensure consumer satisfaction
promote freedom
encourage competition
27
define opportunity cost
a group of buyers and sellers
the price of a good or service increases
the benefits you could have received
total satisfaction received from consuming a good service
28
Moving from point B to point A shows _____
economic growth
economic decline
inefficient production
a different combo of products
29
In a mixed economy, the government's role is to _____
define goals
plan all activities
regulate
make all decisions
30
_____ means not having enough of something
opportunnity cost
scarcity
inflation
marginal
31
Which of the following is a characteristic of a mixed economy?
the government controls all economic decisions
both the market and the government make economic decisions
economic decisions are made by government and ruler
all economic decisions are determined by supply and demand
32
Any point along the PPC means......?
We are in a recession
The production of goods is being done efficiently
The production of goods is being done inefficiently
Neither
