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Economics Review (factors, systems, vocab) Flashcards | StudBud
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Economics Review (factors, systems, vocab)
Economics Review (factors, systems, vocab)
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StudBud Administration
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Foundations of Economics, Factors of Production
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22 cards
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1
What is the main reason that we need entrepreneurs in this world?
To manage employees
To use resources
To create new businesses
To distribute profits
2
Why is competition good for the economy?
lowers prices for consumers
provides multiple brands
all of the above
gives consumers a variety
3
The money left over after all things have been paid for
GDP
profit
demand
cha ching
4
People needed to make a product
Natural Resources
Capital Resources
Labor Resources
Entrepreneur
5
The ingredients used to make a product
GDP
Factors of Production
Supply and Demand
Goods and Services
6
What would most likely happen if there was a large loss of cows around the world?
It would boost productivity of local cattle ranchers
Would not affect the American people
People would all have to turn into vegetarians?
Price of hamburgers and steaks would increase
7
The following are examples of what: Clothes, food, cars, pencils, golf balls
Demand
Supply
Goods
Services
8
Wood, Copper, Iron, and Water are all examples of what-
Supply
Capital Resources
Secondary Level of Industry
Natural Resources
9
When supply is high but demand is low, what is most likely to happen?
Consumers will buy more
Supply will go on clearance or sale
Price goes up
Producers will make more
10
What is not an advantage of having competition in an economy?
Promotes multiple brands of the same product.
Opens up jobs across different industries.
Helps increase profit margins.
Lets businesses control what people are buying.
11
What are the 3 basic economic systems?
Traditional, Command, Market
Supply, Demand, Barter
Traditional, Mixed, Monarchy
Institutional, Free-Market, Demand
12
Business owners control the factors of production
Traditional Economy
Command Economy
Free Enterprise Economy
Mixed Economy
13
A profit is important in a business because _______.
It shows how well the business is doing.
So that the business owner will make a paycheck.
It shows how much of a product is needed.
It shows how many people want a product.
14
I buy or use goods and services
consumer
entreprenuer
goods
producer
15
Where can a command economy be found?
USA
India
Cuba
Japan
16
There is only one brand of shirt and it's the same price everywhere. This is an example of:
Command Economy
Free Enterprise
Traditional Economy
Market Economy
17
Privately owned factors of production
Command
Traditional
Market
Mixed
18
Define
factors of production
.
the resources used to produce all goods and services
the goods and services produced from resources
the most desirable alternative sacrificed
an alternative we sacrifice when we make a decision
19
Which is not one of the three decisions economic systems must make?
How much goods should cost?
What and how many goods can be produced?
How goods should be produced?
Who gets the goods and services?
20
When a supply is limited or in short supply
profit
demand
scarcity
competition
21
What are the factors of production?
Land, labor, capital and enterprise (entrepreneur)
Land, labour and enterprise
Employment, ethics, age and gender
There are no factors of production
22
What happens when one or more of country's natural resources is scarce?
The country must find something to replace that resource.
The country must export what they have left of the resource.
The country must import that resource from another country.
The country has to stop using that natural resources.
