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Economics -T2-FINAL Exam Review (2025) Flashcards | StudBud
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Economics -T2-FINAL Exam Review (2025)
Economics -T2-FINAL Exam Review (2025)
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Midterm Preparation Review
Flashcards
31 cards
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Questions
31
Answers
1
What are the
factors of production
?
Land, Labor
Donald Trump
Capital, entrepreneurship, Laziness, Do Nothings
Land, Labor, Capital, entrepreneurship
2
What is an
economic system
?
A system on private ownership trade between buyers & sellers.
the ability to produce more of a given amount of resources.
A system where power distribution is included.
The ways in which society answers the economic questions.
3
All are economic systems
except
........
Banking System Economy
Mixed Economy
Command Economy
Free Market Economy
4
You are considered a
Generation Z baby
if you were born.....
From 1946 to 1964
From 1964 to 1978
From 1996 to 2012
From 1979 to 1985
5
Factors Of Production is
?
Land, Ladder, Capital
Lans, Labor, Capital
Land, Labor Capital
Kentucky, Fried, Chicken
6
Money from taxes is used to pay for services that are provided by the government.
False
True
7
To answer the
three (3) questions of economics
involves of the following, except.....
What to produce
For whom to produce
How to produce
When to produce
8
The
most
employment loses
were among women
True
False
9
When it comes to
Opportunity Cost
, it is the next best or desirable choice or the one you did not take (true or false)
True
False
10
What is
financial Literacy
?
money reading
boring....
That class taught by Mr. Bashir
basic financial knowledge
11
We all
desire
things that we may not have, it is referred to as a -
Want
Need
a life!
A brand new car
12
Paying your taxes by April 15
duty
responsibility
13
A typical example of a
Traditional Economy
, would be one of the following-
motorized conveyor belts
Use of drones to deliver packages
Manufacturing warehouse
Trading & Batering
14
Economic systems regulate
the factors of production, including
land, capital, and labor
False
True
15
What is a
budget
?
A collection of investments
A written plan for spending, saving, and investing the money you earn
A bank account
An expense list
16
What is
Economics
making decisions to satisfy human needs & wants
Making decisions to satisfy human needs
Making investments in the New York Stock Market
Being able to purchase a real estate property
17
As an
Entrepreneur
, it means that you are the person who is-
Taking the most risk!
Travelling all over the country.
Using all of your money to start a business.
Making the most money.
18
What is
Financial Literacy
?
Spending your money once you get paid.
Having knowledge on the management of money.
Opening a bank account.
Depositing a check.
19
An
Entreprenuer
is…
A person who starts and owns a business
A very good worker
A person who works for the government
A person who is lazy
20
Demand is
the amount of something that is available
a name of a coin used in the Caribbean
the number of people who want or need something
another name for a service
21
When making decisions, most people and the government will consider these two things-
The cost of the items and availability
Needs vs Wants
What the trade-off will be if you don't buy that item quickly.
How long it will take to get the items and from what distance.
22
To be considered as a part of the
Labor Force,
means that you are ........?
A stay home parent, taking care of young children.
A full time student
A retiree with a pension.
16 years of age , have worked 1 hour of pay or free on the family farm.
23
When countries decide to either to
produce military supplies
over consumer goods, economist refer to this as-
Guns vs Butter
Peanut butter & Jelly
Bacon & Eggs
Ham & Cheese
24
Who determines
demand
?
The Buyers
The Sellers
25
Which of these are
not
the
4 factors of production
?
Labor
Employees
Captial
Land
26
What happens when the
supply is high and the demand is low
?
The Prices tend to fall
The Prices tend to increase
Prices go crazy and have a party
You have a equlibram
27
What is
Economics
?
How we allocate money to certain policies and the money.
The study of how we make decisions with limited resources
Money, Stock market, and purchasing decisions
How things are made, bought sold and used
28
Supply and Demand -It is the main model of
price determination
used in economic theory.
False
True
29
Human capital
is
The demand, knowledge, and skills possessed by an individual
The skills, knowledge, and experience possessed by and individual
The skills, knowledge and money possessed by an individual
The knowledge, skills, and land possessed by an individual
30
The difference between
physical capital and human capital
is that
human capital
includes the following-
People who handle packages
Objects and useful items
Skills and Experience
Physical Strength
31
A
mixed economy
is a mix of which
2 economic systems?
Command and free-enterprise
Market and command
Market and socialist
Traditional and command
