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Unit I Econ review Flashcards | StudBud
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Unit I Econ review
Unit I Econ review
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Answers
1
What is comparative advantage?
When one country can produce at a lower cost than another
When one firm can produce at a lower cost than another
When one country can produce goods better than another
When one state produces goods at a lower opportunity cost
2
The study of how people choose to use their limited resources to satisfy their unlimted wants
tradeoff
economics
costs
scarcity
3
What is a market?
Open place or building where buyers and sellers meet
estimate of expected income for a given period
A person who buys goods and services
4
What is absolute advantage
A person is able to produce more of a good than another
A person has higher opportunity cost to produce than another
A person is able to produce less of a good than another
A person has lower opportunity cost to produce than another
5
Law of unintended consequences
Attempts to intervene always backfire
Markets are always influenced by emotional factors.
Economic booms are always followed by downturns.
Actions often have unforeseen effects.
6
What is financial capital?
Investment of volunteer time in local charities
Money needed to start and operate a business
Report of sales, expenses, and profits
Funds that pay health benefits for employees
7
factors of production
assets, labor, capital, liabilities
land, labor, capital, entrepreneurship
land, management, capital, entrepreneurship
land, labor, capital
8
Who wrote
The Communist Manifesto
?
Karl Marx and Frederick Douglas
Adam Smith and Frederick Engels
Friedrich Engels and Karl Marx
Adam Smith and Karl Marx
9
What is labor?
The effort someone devotes to a task for which they are paid
straining to carry a heavy object
charity work
The stress on the financial market
10
What is marginal utility?
Extra satisfaction we get from using one more unit decreases
A graph that shows the quanitity demanded at every price
The extra satisfaction we get from using one more unit
11
What is an economic system?
How a society taxes its people.
How a society elects its leaders.
How a society prioritizes government spending
How a society decides to produce and distribute goods.
12
An example of public works is
cars
clean, running water
village
family farms
13
Law of Diminishing Utility
decreased utility means increased value
scarcity forces consumers to make choices
the more TV's you have, the more you want
each TV you get is less useful to you
14
What do entrepreneurs do?
Keep the economic environments strong
Control middle management
Bring goods/services to the consumer
Commercialize new ideas/concepts
15
Example of Human Capital
Property
Technology
Buildings
Education
16
What is physical capital?
The level of sophistication that helps productivity
Resources and tools that helps productivity
Research and development that helps productivity
Knowledge and education that helps productivity
17
Which clause of the Constitution gives Congress the power to control commerce "among the several States"?
the Necessary and Proper Clause
the Contracts Clause
the Commerce Clause
the Elastic Clause
18
What is money?
federal reserve notes
Something generally accepted for the exchange of goods
anything backed by gold
gold
19
What is Division of Labor?
different people doing different jobs to create one product.
Teaching others how to do math.
Working for an accountant.
Different people doing the same job at the same time.
20
Work done by someone else for which a consumer, business, or government is willing to pay
capital
goods
services
factors of production
21
In a market economy all of the wants and needs are provided by the market.
True
False
22
Food, clothing, and cars are examples of
wants
things we can easily purchase
needs
goods
23
Macroeconomics is the study of:
The relationship between different parts of the economy
The economy as a whole
Individual building blocks in the economy
Household purchase decisions
24
What is a tradeoff?
Having tacos instead of pizza
Bubba is a slacker
Giving something up to have another thing
Ohtani leaving the Angels
25
Which of these is an INCENTIVE?
a consumer choice
a capital resource
goods and services
a sale on clothing
26
What is specialization?
Concentrating on a specific job with your talents
Concentrating on being really bad at farming
Concentrating on all the jobs within the village
Concentrating really hard until your achieve something
27
Command Economy
voters control business owners
government controls everything
people control everything
state control business
28
Mass production means ____________.
Mass chaos
Making things by hand.
All products have mass and are made from atoms.
More products made more quickly.
29
The condition that results because people have limited resources but unlimited wants
scarcity
incentive
market
labor
30
Examples of free enterprise economies
USA, Great Britain, Japan
Malaysia, Myanmar
Nicaragua, Cuba
31
What is a traditional economy?
An economy that the government maintains.
There is no such thing as a traditional economy.
An economy that is controlled by the market.
An economy that is based on what your ancestors did.
32
What book did Adam Smith write?
Capitalism Defined
Impact of Globalization
Wealth of Nations
Advantages of Free Trade
33
something that you spend in money, time, and effort, or other sacrifices to get it
benefit
costs
tradeoff
human capital
34
Microeconomics involves...
Inflation, growth, employment, interest rates.
The broader economy.
Individuals, households, and businesses.
Only households selling resources.
