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Economics Review Chapters 3 and 4 Flashcards | StudBud
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Economics Review Chapters 3 and 4
Economics Review Chapters 3 and 4
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Review for Economics Alive Chapter 3 Economics Systems and Chapter 4 Gains from Trade
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
The act of willingly trading one item or service for another to be better off
voluntary exchange
laissez-faire
coercion
the invisible hand
2
The result of using resources in a way that produces the maximum amount of goods and services
economic stability
economic security
economic efficiency
economic growth
3
Ability to make one's own economic decisions without interference
economic freedom
economic stability
economic growth
economic equity
4
The fairness with which an economy distributes its resources and wealth.
economic freedom
economic growth
economic equity
economic security
5
Govt payments to individuals or firms: examples social security payments or business subsidies
full employment
factor payment
factor market
transfer payment
6
Money earned by a business after subtracting cost of operation
patent
taxes
profit
copyright
7
Direct exchange of goods or services without the use of money; typical in traditional economies
purchasing power
barter
free market
opportunity cost
8
In a market economy, what is the government's role?
Encourage competition
Set prices on goods and services
Decide what goods to be manufactured
Own and operate major industries
9
No one single person, business, or government agency tells producers or consumers what to do.
mixed economy
free market
traditional economy
command economy
10
The development of skills or knowledge in one aspect of a job or field of interest
specialization
free enterprise
division of labor
barter
11
Allocation of separate tasks to different people
specialization
expertise
free market labor
division of labor
12
Which one is NOT a fundamental question of economics?
How to produce
When to produce
What to produce
For whom to produce
13
What kind of market system is most common today?
Mixed
Command
Traditional
Market
14
Custom and tradition dictates what to produce, how to produce it, and for whom
traditional economy
market economy
mixed economy
command economy
15
An organization that makes, produces and sells goods or services.
profit
firm
factor
household
16
Where individuals sell their their land, labor, capital.
contract
factor market
product market
black market
17
Government-financed (payed for) projects such as dams, bridges, highways, and sewer systems
public goods
factors of production
taxable resources
private enterprise
18
A political & economic philosophy that calls for property to be owned by society as a whole
capitalism
socialism
anarchy
traditionalism
19
Condition that exists when someone can produce a good at a lower opportunity cost than others
comparative advantage
absolute advantage
trade advantage
cost-benefit ratio
20
The goods and services that people count on are there when they want them
economic stability
economic growth
economic freedom
economic equity
21
Political & economic system in which the government makes the decisions
market
traditional
mixed
command
22
The condition that exists when someone can produce a good using fewer resources than others
comparative advantage
lower opportunity cost
scarcity
absolute advantage
23
Which of these is an example of economic growth?
a trade war causes a depression
a company hires and additional 100 workers
a company has to lay off workers
competition is fierce
24
Economic system that values freedom, private property, profit motive
economic goals
traditional economy
command economy
market economy
25
The desire to make money off your business
product marketing
firm
profit motive
public works
26
Which is the best example of specialization?
an assistant in a garage only refills oil
a dry cleaner spends extra time on grease spots
a maintenance worker takes care of an entire complex
a bike shop lowers the prices on bikes
27
Diagram that shows the movement of money, resources, goods & services in households & producers
factor market
production possibilities curve
transfer payment
circular flow model
28
A person or group of people living together
cooperative
corporation
factory
household
29
Characteristic of society where people rely on others for most of the goods/services they want
economic dependence
economic stability
economic interdependence
command economy
30
Generally accepted medium of exchange; can be traded for goods & services or used to pay debts
natural resources
trade goods
money
barter
