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Combined: Econ Unit 1 Review + Unit 2 Review Flashcards | StudBud
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Combined: Econ Unit 1 Review + Unit 2 Review
Combined: Econ Unit 1 Review + Unit 2 Review
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Econ Unit 1 Review: An #economics review Unit 2 Review: An #economics review on economic systems
Flashcards
71 cards
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Practice quiz
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Questions
71
Answers
1
Which of the following is considered physical capital?
computer
drive-thru attendant
certified technician
water
2
Basic economic questions all societies must answer include the following except...
why to produce
for whom to produce
what to produce
how to produce
3
An arrangement where consumers and producers determine price and quantity of products.
free market economy
market
socialism
capitalism
4
The study of how people try to satisfy their unlimited needs and wants using scarce resources
Consumer
Scarcity
Economics
Capital Goods
5
Discourages new ideas is a disadvantage of a ___________________ economy
mixed
traditional
free market
command
6
Every choice has a
trade
opportunity cost
trade-off
chance
7
Capable of dramatic change in a short period of time is an advantage of a ____________ economy.
command
mixed
free market
traditional
8
Alternative that must be given up when one choice is made rather than another
scarcity
alternate supply
opportunity cost
trade-off
9
producing more in the same amount of time
productivity
economics
efficiency
economic growth
10
Four factors of production include all the following except
human capital
labor
entrepreneurship
physical capital
11
The cost of the next best alternative
consumerism
opportunity cost
trade-off
specialization
12
My Economics class Remind code is...
@rodecon
@rodhonors
@rodcon
@rodconf19
13
Workers and businesses face uncertainty b/c of competition & change is a disadvantage of ...
mixed
command
traditional
free market
14
Does not meet the needs of the consumers is a disadvantage of a _______________ economy.
free market
traditional
command
mixed
15
Point D is...
inefficient
efficient
unfeasible
a satellite
16
Market in which productive resources are bought and sold.
Factor Market
Stock
Market
Product Market
17
Hong Kong is an example of a _________________ economy.
command
mixed
traditional
free market
18
We all have unlimited...
resources
wants
time
money
19
A nation's total output of goods and services increases over time
economic growth
specialization
productivity
human capital
20
Unlimited wants, limited resources
goods
economics
scarcity
entrepreneur
21
Economic system in which the 3 economic questions are answered by rituals, habits, or custom.
mixed
market
traditional
command
22
Point 'E' is producing
unfeasible
efficiently
inefficiently
solid #1 singles
23
Economic system in which supply, demand, & price help allocate scarce resources
mixed
free market
command
traditional
24
In the circular flow model what is being exchanged in the product market?
goods, services, money
entrepreneurs
labor and capital
land and labor
25
Economists use this graph to show the possible combinations of production
Demand Curve
Production Possibilities Curve
Supply Curve
Labor Curve
26
version of command economy in which government owns some, but not all, factors of production
communism
capitalism
traditional
socialism
27
Canada, one more free market, is considered more mixed because they have adapted...
privatization
economic growth
universal healthcare
more free markets
28
A capitalist economy is considered a...
free market economy
socialist economy
traditional economy
command economy
29
Higher tax rates to support social benefits is a...
advantage of mixed
disadvantage of mixed
30
Specific roles for all members in the community is an advantage in which economic system?
traditional
free market
mixed
command
31
Once I come into class, I should always check the whiteboard and get started on my __________
notes
texts
conversations with friends
round-up
32
Point 'A' is producing
unfeasible
on stage
inefficiently
efficiently
33
Manufactured goods used to produce other goods and services
nondurable
durable
capital
consumer
34
What's my opportunity cost
in clothing
if I increase production of cars from point B to A?
300
400
200
100
35
Which is NOT a characteristic of a traditional economy.
expectations at a young age
embraces new technology
low standard of living
close tight knit community
36
United States is an example of a ____________________ economy.
mixed
command
free market
traditional
37
North Korea is an example of a _____________________ economy.
command
traditional
mixed
free market
38
Where should phones be in class (unless instructed otherwise)?
on the table
in pocket
face down at our table
in your hands
39
Provides assistance for people who may be left out of the country’s economic progress is an...
disadvantage of mixed
advantage of mixed
40
In the circular flow model what is being exchanged in the factor market?
taxes
goods
services
factors of production
41
Things I can turn in for extra credit
bags of candy
hand sanitizer
tissue boxes
dry erase markers
42
Individual freedom for everyone is an advantage of a ____________________
traditional
command
mixed
free market
43
The Inuit Tribe of Northern Canada
command
mixed
free market
traditional
44
GDP measure's a country's production rate over a span of...
12 months
3 months
2 years
1/2 year
45
Factors of production include all the following
except
labor
human capital
land
entrepreneurship
46
Econ system characterized by a central authority making most of the major economic decisions.
command
mixed
traditional
market
47
People's education, skills, health, and motivation.
entrepreneur
human capital
economic growth
productivity
48
Assignment of different tasks for the workers to perform a task most efficiently.
division of labor
division of capital
specialization
human capital
49
We all have limited...
effort
money
resources
time
50
Things you can do to pass your next quiz include all the following
except
practice kahoot
study
ask questions
slack. sleep on it. repeat.
51
tangible product that is useful and transferable and is used to meet wants and needs
service
product
scarcity
good
52
Economic system in which private citizens own and use the factors of production to make profit.
capitalism
market economy
communism
socialism
53
Which of the following is not an example of something that could happen if a free market becomes more socialist(command)
more social programs
more government involvement
more private markets
higher taxes
54
The next best alternative given up when a choice is made
alternate supply
trade-off
opportunity cost
consumerism
55
What can you turn in for extra credit
hand sanitizer
dry erase markers
candy
tissue boxes
56
Market in which goods and services are bought and sold.
factor market
Product Market
Boston
market
57
Things factored into GDP
final goods and services
products and final goods
final services and products
final services and goods
58
Where do I turn in my homework?
In my basket
leave it on the desk
inbox
outbox
59
Examples of needs include all the following except...
money
water
shelter
food
60
Which of the following is not one of the Three Basic Economic Questions?
for whom to produce?
why to produce?
what to produce?
how to produce?
61
My business is thriving! More machines, employees, and human capital. My curve shifts to the...
stays the same
left
down
right
62
Basic requirements for survival
wants
needs
services
goods
63
Economic system that has a combination of traditional, command, and market economies.
mixed
traditional
free market
command
64
Quality of life based on ownership of necessities and luxuries that make life easier
economics
inflation
standard of living
living standard
65
What is the opportunity cost
in cars
if I produce more clothing, moving from point A to B?
70
40
30
20
66
Scarcity forces us to make...
trade-offs
opportunity costs
choices
money
67
Faster growth than command economy is a...
disadvantage of mixed
advantage of mixed
68
Cuba is an example of a ____________________ economy.
traditional
mixed
command
free market
69
Example of a command economy that has become more mixed
Scandanavia
Japan
North Korea
China
70
Meeting place where consumers and producers come together to exchange goods and services.
Product Market
Flea
Market
Factor Market
71
Economic equality, security, and stability are typically the goals of...
free market
mixed
command
traditional
