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Unit 2 Econ Flashcards | StudBud
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Unit 2 Econ
Unit 2 Econ
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1
Which of the following is an advantage of a centrally planned economy like Russia?
the system can work quickly to accomplish specific goals
the system’s bureaucracies are small and flexible
innovation is well rewarded
consumers’ needs are well met
2
What are the three economic questions a society must answer ?
Who to trade with? How much to trade? What to trade?
What is the market like? What is the currency? What to trade
What is the population ? What is the weather? What for?
What to produce? Who to produce for? How to produce it?
3
What is a business cycle?
life
food
jobs
ups and downs of the economy
4
what does public sector provider mean ?
health care & financial protection to all citizens
understand how social and economic conditions are
population as a whole especially as monitored, & regulated.
it encompasses all companies & corporations that are gov run
5
What is a poverty threshold?
The physical entryway of government subsidized housing
Percentage of people who live in poverty
The idea that as unemployment increases, so does poverty
income level below which income is unable to support afamily
6
Gross Domestic Product
A term used to measure of the economic production of a place
The most disgusting thing in your fridge
the skills and knowledge of an individual.
7
What is the invisible hand?
the hand of God
Market and mixed economies combined
Goods and services that are consumed together
decisions out of self interest that end up helping everyone
8
To improve its standard of living, a nation’s economy must
remain stable
grow through innovation
reach economic equity
allow the central government to make economic decisions
9
Traditional Economies typically revolve around...
The stock market
Hunting, fishing, growing, and gathering
Bitcoin
Whatever the government wants it to
10
public disclosure is...
laws requiring companies to provide full info about products
government informing public about products and other goods
11
What was the purpose of Social Security?
Tax poor people
Provide monthly income to the elderly or disabled
Set the lowest amount a worker could be paid
Give jobs to teens
12
...which are private organizations that try to persuade politicians to vote according to the interests of the group
patent
communist
interest groups
political parties
13
Who controls a centrally planned economy?
The Government
The Business Owners
The Consumer
The Queen
14
For whom to produce in the market economy?
People in village who need them.
To the consumers.
To their family.
Whoever the government decide to produce it to the people.
15
(Medicaid) for rich people who are employed or are covered by their employer’s insurance .
True
False
16
What is Socialism?
Everything is controlled by the community
Being social by eating ice cream with fellow soviets
Entry economy is controlled by individuals
Partial government control
17
Who came up with the idea of the Invisible Hand?
Adam Smith
Gordon Gecko
David Ricardo
Karl Marx
18
What are Macroeconomics?
Economics
Something that can be used to determine who gets what
Scarcity
Study behavior or choices that relate to the entire economy
19
What are externalities
Difference in Cost/Benefit
Cost/Benefit affects party who chose that cost
Cost/Benefit affects party who didn't choose that cost
20
...is the concentration of the productive efforts of individuals and firms on a limited number of activities.
socialism
capitalism
human capital
Specialization
21
Medicare: Health insurance is provided by the government for the elderly and disabled
True
False
22
. Why do people need to buy and sell goods or services?
People need to buy and sell goods to make a profit
No one is self-sufficient
People buy and sell to maintain a competitive society
People need to provide the market with goods and services
23
What is human capital?
Skills, knowledge, and abilities people have or obtain
the division of labor
choosing a college
the amount of money people are willing to spend on a product
24
The unemployment insurance program and the Temporary Assistance for Needy Families program are
benefits offered by employers.
government-aid programs for people without jobs.
nonprofit programs run by private charities.
job placement programs.
25
Financial Aid is an example of government assistance.
True
False
26
Which of the following happens when there are market failures
Firms shut down
The public sector steps in to better allocate resources
The private sector promotes competition
Firms compete more leading to more efficiency
27
Which of the following is a characteristic of a mixed economy?
both the market and the government make economic decisions
economic decisions are made by government and ruler
the government controls all economic decisions
all economic decisions are determined by supply and demand
28
A standard Patent generally has a term of?
20 years
Unlimited
Lifetime of the patent holder
25 years
29
...is the doctrine that government generally should not interfere in the marketplace
Free market
Centrally planned
Mixed Economy
Laissez faire
30
What is Communism ?
Government is always number one
Government controls everyone and everything
Everyone can own everything, but what they own is controlled by the gov.
No one owns anything, the government owns it all
31
. Each society determines who will consume what is produced based on
its needs and wants
its unique combination of social values and goals
the amount of factor payments
economic equity
