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Duplicate of Economics- Basics and Economic Systems Flashcards | StudBud
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Duplicate of Economics- Basics and Economic Systems
Duplicate of Economics- Basics and Economic Systems
25 terms
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This will help us recall information already learned. #Econ #Money #Goods #Services #Scarcity
Flashcards
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Questions
25
Answers
1
Where are most traditional economies found?
Iraq and Chile
Europe and U.S.
Africa and South America
China and India
2
economic goal: wise use of resources within an economy
price stability
economic efficiency
full employment
economic freedom
3
In the capitalist economy
the government makes all the decisions
modern technology is scarce
people are rewarded for hard work
the government protects workers
4
economic goal: prices are not too high, goods are affordable
price stability
economic freedom
full employment
economic growth
5
Which of these countries does NOT have a command economy?
China
Russia
Vietnam
North Korea
6
Decision making based on "a little more or a little less"
marginal decision making
rational decision making
the political theory
trade offs
7
In this economic system, consumers and workers are protected by the government
traditional economy
capitalist economy
mixed economy
command economy
8
The cost of the next best alternative choice
Capitalism
Opportunity Cost
Cost
Communism
9
Besides scarcity, what is also required for value?
usefulness
scarcity
opportunity cost
utility
10
Which is NOT a disadvantage of the mixed economy?
expensive goods
high taxes
outsourcing of domestic jobs
blatant government corruption
11
In this economic system, all decisions are made by the government
command economy
capitalist economy
mixed economy
traditional economy
12
Which of the following is NOT one of the three basic economic questions?
When to produce?
What to produce?
How to produce?
For whom to produce?
13
One of the advantages of this economic system is that everyone works together
command
mixed
traditional
capitalist
14
What is the fundamental problem of economics?
scarcity
utility
stock market
money
15
One of the disadvantages of the traditional economy is ...
corruption
racism
a lack of technology
social inequality
16
High wages and taxes are the burden of which economic system?
capitalist economy
mixed economy
command economy
traditional economy
17
For every choice we make, there is always a ...
book
piece of candy
tax
cost
18
People will make a choice only if ...
there is soda involved
the benefits are greater than the costs
there is candy involved
the costs are greater that the benefits
19
economic goal: the freedom to choose one's occupation and use of personal income
economic freedom
full employment
economic efficiency
price stability
20
An item that satisfies an economic need or want.
resource
service
good
widget
21
one of the "advantages" of the command economy is ...
All members of society are considered equal
people are free to buy whatever they want
culture and tradition are preserved
competition produces the best results
22
A good that is made to last more than 2 years
capital good
inferior good
durable good
compliments
23
something performed by another person which satisfies an economic need or want
utility
paradox of value
service
good
24
making a decision based on "a little more" or "a little less"
decision making
marginal decision making
cost-benefit decision making
rational decision making
25
in which economy are you encouraged to both get a job AND follow government orders?
Command
Mixed
Traditional
Capitalist
