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Fundamentals of Economics Review Flashcards | StudBud
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Fundamentals of Economics Review
Fundamentals of Economics Review
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1
What does point A (inside the curve) represent?
Impossibility
Overproduction
Inefficiency
Maximum efficiency
2
The dollar value of all final goods, services, and structures produced in a country is known as ...
Business Cycle
Gross Domestic Product
Outputs
Gross National Product
3
The principle that people may decide what, when, and how they want to buy and sell
Factors of Production
Voluntary Exchange
Specialization
Opportunity Costs
4
What term is used to describe a period of expansion and contraction?
Consumer Sovereignty
Business Cycle
Free Enterprise
Voluntary Exchange
5
In economics everything is scarce other than ...
needs and wants
capital
labor
natural resources
6
Which is NOT one of the key economic questions?
What goods and services should be produced?
Why do we produce goods and services?
Who consumes the goods and services?
How should goods and services be produced?
7
An economic system consisting of mostly subsistence agriculture
Mixed Market Economy
Traditional Economy
Free Market Economy
Command Economy
8
A punishment that discourages a behavior
Marginal Costs
Positive Incentive
Negative Incentive
Competition
9
The value of a particular product compared to the amount of labor needed to make it.
Specialization
Productivity
Competition
Business Cycle
10
The most desirable alternative given up as a result of a decision
Entrepreneur
Opportunity cost
Production Possibilities Frontier
Marginal cost
11
In economic systems households can best be described as ...
Corporations
Consumers
Businesses
Producers
12
An economic system in which resources are primarily owned and controlled by the private sector
Free Market Economy
Mixed Market Economy
Command Economy
Traditional Economy
13
An economic system in which the government controls a country's economy
Free Market Economy
Command Economy
Mixed Market Economy
Traditional Economy
14
An economic system in which both the private and public sector answer the key economic questions
Mixed Market Economy
Free Market Economy
Command Economy
Traditional Economy
15
This type of economy is the most susceptible to natural disasters
Command
Traditional
Mixed Market
Free Market
16
Which economic goal can be supported by new technology?
Economic equity
Economic security
Economic growth
full employment
17
Which describes human capital?
Skills and Knowledge
Infrastructure
Land and labor
Buildings and tools
