What is a Command Economy?

Government Controls the Means of Production

What are the 4 Factors of Production?

Land, Labor, Capital, Entrepreneurship

What is a Traditional Economy?

Based on Customs, Traditions, and Cultural Beliefs

What is a Market Economy?

Determined by unrestricted competition between privately owned businesses

Which of these is considered a Trade-Off?

Choosing between two job offers with different salaries

Which of these is not one of the main questions we ask when looking at Economic Systems?

Why should goods and services be produced?

What does a Production Possibilities Curve show?

The maximum possible output combinations of two goods with given resources

What is Scarcity in Economics?

Limited resources in relation to unlimited wants

What is an example of Opportunity Cost?

The highest valued alternative forgone when a choice is made

What is a Mixed Economy?

Both the Government and Individuals make decisions

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Unit 1

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Questions 20

Answers

1
Which is an example of Labor as a Resource?
Pizza Restaurant
Forests
Flying a plane
Machinery
2
What is a Command Economy?
Determined by unrestricted competition between privately owned businesses
Government Controls the Means of Production
Based on Customs, Traditions, and Cultural Beliefs
Both the Government and Individuals make decisions
3
What are the 4 Factors of Production?
Land, Labor, Capital, Entrepreneurship
Land, Labor, Capital, Entertainment
Land, Labor, Buildings, Natural Resources
Entrepreneurship, Labor, Capital, Natural Resources
4
What is an example of Land as a Resource?
Machinery
Forests
Flying a Plane
Teaching Students
5
Not producing enough goods for everyone is a disadvantage of what Economic System?
Command
Market
Traditional
6
How does the Curve in PPC show us Economic Growth?
An outward shift of the curve
A vertical line on the graph
A movement along the curve
A shift inward of the curve
7
Which of the following is an example of Capital Resources?
Forests
Labor
Land
Tools and Machinery
8
What is a Traditional Economy?
Government Controls the Means of Production
Both the Government and Individuals make decisions
Based on Customs, Traditions, and Cultural Beliefs
Determined by unrestricted competition between privately owned businesses
9
What is a Market Economy?
Based on Customs, Traditions, and Cultural Beliefs
Both the Government and Individuals make decisions
Government Controls the Means of Production
Determined by unrestricted competition between privately owned businesses
10
In Which of the following economic systems does the Government own the Factors Of Production?
Mixed
Traditional
Market
Command
11
Which of these is considered a Trade-Off?
Investing in stocks or bonds with equal returns
Spending all your savings on a new car
Choosing between two job offers with different salaries
Using a public park for a picnic
12
Which of these is not one of the main questions we ask when looking at Economic Systems?
How should goods and services be produced?
Why should goods and services be produced?
What goods and services should be produced?
For whom should goods and services be produced?
13
Which of the following is a Natural Resource?
Weapons
A skilled workforce
Soil
A skyscraper
14
What does a Production Possibilities Curve show?
The impact of taxes on production
The distribution of income among different sectors
The relationship between supply and demand
The maximum possible output combinations of two goods with given resources
15
A lower of standard living is a disadvantage of what Economic System?
Command
Traditional
Market
16
What is Scarcity in Economics?
The availability of technology
Limited resources in relation to unlimited wants
The abundance of resources
The distribution of wealth
17
What is an example of Entrepreneurs as a Resource?
Land
Flying a Plane
Forests
Owning & Managing a Restaurant
18
Lacking of work incentives is a disadvantage of what type of Economic System?
Traditional
Command
Market
19
What is an example of Opportunity Cost?
The price of a good in a market
The amount of money spent on advertising
The highest valued alternative forgone when a choice is made
The total cost of production
20
What is a Mixed Economy?
Based on Customs, Traditions, and Cultural Beliefs
Determined by unrestricted competition between privately owned businesses
Both the Government and Individuals make decisions
Government Controls the Means of Production

Unit 1 Flashcards | StudBud