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EPF Unit 1 Review Flashcards | StudBud
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EPF Unit 1 Review
EPF Unit 1 Review
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Answers
1
3 economic questions
supply and demand?
supply and demand, economic systems, who should produce?
what to produce, how to produce, for whom to produce?
what is this?
2
Which example describes a traditional economy?
Burger House sells 1,000,000 sandwiches and invests in stock
Bizzy Sweets produces cupckakes and trades them for jeans
employees at a pizza shop paid by the government
Sweet Tooth advertises BOGO deals for their cookies
3
profit motive is
corporation that owns several unrelated businesses
individual who enters a business to make a profit
corporation located in several countries
driving force behind a market economy
4
What is an oligopoly?
When one business controls the market
When all businesses sell the same thing
When a few large businesses dominate the market
When businesses try to make their product unique
5
Perfect competition results in...
Higher prices and worse quality
Lower prices and better quality
Higher prices and better quality
Lower prices and worse quality
6
The issue of having unlimited wants and needs but limited resources
Scarcity
Economics
Productivity
Economic Interdependence
7
What is a monopoly?
A group of companies with no control.
A single company with no control.
A single company with all the control.
A really fun board game.
8
Opportunity cost is...
The first option chosen when we make a decision
The last option when we make a decision
The decision making process
The second best option not chosen when we make a decision
9
A company decide to install solar panels at all of their factories in order to lessen their carbon emissions.
How to Produce
Where to Produce
What to Produce
For Whom to Produce
10
Cost-Benefit Analysis
Comparing service quality between two competing businesses
Comparing revenue from one year to a previous year
Comparing customer satisfaction between two competing businesses
Comparing sacrifices and gains of a potential business initiative
11
A trade off is when.
You test a product.
You give up something to get something.
You buy materials from other countries.
You evaluate with criteria.
12
Production possibility curves....
indicate minimum possible outputs
indicate current outputs
indicate past outputs
indicate maximum possible outputs
13
Which economic system provides personal economic freedom?
market
dictatorship
mixed
command
14
The government provides free education for students k-12. Which of the three economic questions does this answer?
When to Produce
What to Produce
For Whom to Produce
How to Produce
15
Economics is the study of
Consumers deciding what to buy
People controlling money in an economy
People allocating limited resources to satisfy unlimited wants
Government deciding what to produce
16
Human capital includes
the knowledge a taxi driver has of the city streets.
the salary paid to an accountant.
the machinery run by a seamstress to weave cloth.
the equipment used by a doctor to cure a patient
17
Stalin's command economy created a system in which
party leaders controlled personal freedoms.
farmers decided which crops to grow.
collective farmers set goals.
the government made all the decisions
18
A car company notices the demand of electric cars going up. They decide to begin producing their own electric car.
Where to Produce
For Whom to Produce
How to Produce
What to Produce
19
Factors of production
Land, Money, Labor, Entrepreneurship
Land, Capital, Labor, Entrepreneurship
Land, Labor, Utility, Entrepreneurship
Land, Product, Utility, Entrepreneurship
20
This economic systems includes free enterprise with some government control.
Market
Command
Mixed
Traditional
