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Economics: Basics and Systems Flashcards | StudBud
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Economics: Basics and Systems
Economics: Basics and Systems
20 terms
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StudBud Administration
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Economic basics and comparative economic systems .
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Goods are:
Physical objects that people buy
Actions one person does for another
Knowledge and skills gained from education and experience
When limited services are available to meet people’s needs
2
Which is an example of a natural resource
?
factory
deposit of coal
irrigation canal
hydroelectric dam
3
Who makes the decisions in a Free Enterprise economy?
Voters
Pets
The government
The consumer and businesses
4
A centrally planned economy promotes:
Government ownership, no competition, and no profit
Government ownership, profit, and no competition
Government ownership, competition, and no profit
Private property, profit, and competition
5
Why are most modern economies referred to as mixed economies?
Govt planners don't know how to handle economic problems
Products made by traditional economies are obsolete.
Poverty is always highest in countries with market economies
Most countries are blends of all three economic types .
6
What are services?
Anything people use to make things
Something that is important to survive
Action a person does for another for pay
Physical objects that people buy
7
This is the knowledge and skills that is gained from education and experience.
Labor
Physical capital
Land
Human capital
8
A trade-off is:
the extra cost of adding one unit
the option we give up when we choose one action over another
comparing what you will give up and gain from an action
the money a person makes
9
What is human capital?
skills and education workers have
the amount of goods sold in foreign trade in a year
taxes collected from a country’s workers
money paid to workers for producing goods
10
What is the basic question(s) all economic systems try to answer?
What to produce?
How to produce it?
For whom to produce?
All of the above.
11
Which type of economic system does the United States have?
command economy
traditional economy
free market economy
mixed economy
12
Three basic types of economic systems are:
Government, business, consumers
What and how to produce, who will get goods and services
Natural resources, labor, capital
Traditional, centrally planned economy, capitalism
13
What is an economic problem every nation has?
Too much pollution.
Not enough resources.
The problem of meeting every one's needs.
Not enough population.
14
The most desirable alternative given up is:
trade-off
opportunity cost
cost benefit analysis
inflation
15
Things that are needed to produce goods and services are called
:
Private property
Efficient use of resources
Economic systems
Factors of production
16
An economic system in which private property is almost totally restricted is called:
A mixed economy
Free enterprise
Competition
A centrally planned economy
17
What are needs?
When demand for a good exceeds what producers can make
Things that make our life better
Something people desire but is not needed to survive
Things that are important for survival
18
In a traditional economy, how are economic decisions made?
custom and habit
consumers and planners
government leaders
combination of consumers and producers
19
What is an entrepreneur?
people who enjoy saving all their money
someone who is always successful in whatever he attempts
someone who is willing to take risks to begin a new business
business people who try not to take risks with their money
20
The promise of a reward or fear of a penalty:
Growth
Incentive
Positive
Negative
