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Economics Flashcards | StudBud
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Economics
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1
Willie Wonka takes the risk to open a chocolate factory. He organizes the productive resources.
Economically, he is a bit scary
Economically, he is an entrepreneur
I want an oompa loompa for a capital resource
Economically, he is a kook
2
When nations agree to trade, it creates wealth. What is the main cause of interdependence?
kindness
scarcity
competition
traditional economies
3
An example of a good is
Iphone
pediatrician
secretarial assistant
dental hygienist
4
Uggs made in China and Australia but consumed in the USA are
Natural Resources
Capital Goods
Exports
Imports
5
Availability of land, labor and capital may affect specialization
False
True
6
In economic terms a producer creates a
movie
good (only)
goods and/or services
service (only)
7
A country that is landlocked
Has a fence around the country
Has no access to major ports by oceans, lakes or seas
Has a key on the gate to the country
Has plenty of access to waterways and trade routes
8
Examples of natural resources
forester, truck, chainsaw
chainsaw, oil, gas
timber, forester, chainsaw
timber, soil, gas
9
Political committees and high ranking officials require what to produce, how and for whom.
Entrepreneurship
Traditional Economy
Market Economy
Command Economy
10
The cocoa beans, sugar, and cream from the cows at Willie Wonka's Chocolate Factory
Entrepreneurs
Natural Resources
Capital Resources
Human Resources
11
The use of a good or service is known as
Production
Capital Resource
Waste
Consumption
12
Producers and Consumers, and business people decide what will be produced, how and for whom.
Market Economy
Entrepreneur Economy
Traditional Economy
Government Economy
13
a densely populated area has
Many People
No People
Agriculture, mostly
Few people
14
Delaney wants to do both gymnastics and lacrosse, but her schedule will not allow for both.
She has a scarcity of effort
She has a scarcity capital resources
she has a scarcity of time
she has a scarcity of money
15
Location and climate may affect production
True
False
16
Saudi Arabia has tremendous oil reserves,but England does not. This illustrates:
Uneven distribution of resources
Labor Intensive
Capital Intensive
Even distribution of resoures
17
What to Produce, How and for Whom are caused by
Surplus
Scarcity
Command economies, Only
Even Distribution
18
The Ford SUV is manufactured in the USA and in demand worldwide. When shipped away, it is an:
import
capital good
human rresource
export
19
An example of a service is
education
cafeteria tables
a book
drinking fountain
20
The three types of economies are
Traditional, Cultural and Command
Market, Free Market and Free Enterprise
Command, Mutual and Market
Traditional, Market and Command
21
Examples of Capital resources:
Oven, Cooling Racks, Restaurant
Restaurant,Owner, Manager
Waiter, Cashier, Cook
Chef, oven and pans
22
The problem of scarcity is created by
Unlimited wants and unlimited resources
Scarcity
Limited wants and limited resources
Unlimited Wants and limited resources
23
How does specialization benefit a country?
Uses up all of the country's productive resources
Prevents trade and creates skilled workers
Creates a surplus and prevents trade
Creates a surplus and uses resources efficiently
24
When the USA goes to war, every dollar spent can not be used on other USA needs (like energy).
This is a surplus example
This is a specializaton example
This is an opportunity cost example
This a competition example
25
What oil regions supply oil to Russia?
Caspian Sea and Southwest Asia
Northern Africa
Europe
26
The quality control inspectors at Willie Wonka's Chocolate Factory
Capital Resources
Human Resources
Natural Resources
Entrepreneurs
27
The machinery in Willie Wonka's chocolate factory:
Human Resources
Natural Resources
Capital resources
Productive Resources
28
Customs of the culture answer the questions of what to produce
Command Economy
Traditional Economy
Free Enterprise
Market Economy
29
Examples of labor:
computer, Technician, programmer
newspaper press, delivery person and reporter
architects, builders, inspectors
a wheelbarrel, a gardener and a hose
