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Duplicate of Economics Ch.16 - McGraw Hill Flashcards | StudBud
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Duplicate of Economics Ch.16 - McGraw Hill
Duplicate of Economics Ch.16 - McGraw Hill
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1
What is a command economy?
Government is in charge
Individuals are in charge
No one is in charge
Both Government and individuals are in charge
2
Which type of resource is a factory building?
natural resource
capital resource
intermediate resource
human resource
3
All are economic systems except ........
Command Economy
Free Market Economy
Banking System
Mixed Economy
4
What are trade-offs?
The next best choice
All possible alternatives
Trading what you don't want
You get to pick out whatever you want
5
What are the three factors of production?
Money, Land, Capital
Labor, Capital, Factory
Land, People, Factory
Land, Labor, Capital
6
Which of the following is an example of a market?
all of the above
the New York Stock Exchange
a sporting goods store
a farmer's market
7
What is economics?
The study of numbers
The study of money
A boring class
The study of how people make choices
8
Which is
not
true about a Free Market Economy?
Resources are owned by the government
There is limited government control on what/how to produce
There is no economic plan
The market determines prices
9
Which of the following is a human resource?
tools
goods
oil
knowledge
10
You have $100; you can either buy new Jordans or groceries. You buy the Jordans. What's your opportunity cost?
the shoes
the groceries you could've had
both the shoes and the groceries
11
What is Opportunity Cost?
What you gave up
What happened in the past
What you are going to get
What you recieved
12
Define scarcity.
A social science dealing with people's needs and wants.
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
A fundamental problem in society.
13
What are the 3 key economic questions every society must answer?
What is the government making? When are we making it? What can't we make?
What are we buying? How much does it cost? Who are making it for?
What are we trading? How are we going to trade it? Who is going to use it?
What are we making? How are we making it? Who is it for?
14
In which system are economic decisions made based upon price?
command economy
traditional economy
communist economy
market economy
15
What is a mixed economy?
Combined market economy with government involment
Economic decisions are made by consumers and business owners
Decisions about resource are made by habit, or custom
Central planners make business decisions like how to produce
16
What is specialization?
something you need in order to survive (food, water, shelter, etc.)
having unlimited wants but limited resources
the process of concentrating on / becoming an expert in a particular skill
the act of exchanging goods and services
17
Most modern economies are _______ economies.
mixed
free market
command
18
True or False: Command Economies EMBRACE and ENCOURAGE competition.
False
True
