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