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Economics 2022 Flashcards | StudBud
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Economics 2022
Economics 2022
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Questions
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Answers
1
Market economy is an economic system which the government makes all economic decisions
False
True
2
Work that one person does for another
A job
Producer
Services
Goods
3
System that requires absolute obedience to those in power
Authoritarian
Socialism
Communism
Dictatorship
4
The desire and ability to produce and sell a product
Supply
Surplus
Shortage
Demand
5
The market where goods and services are bought and sold
Factor Market
Product Market
Market
Capitalism
6
A sustained rise in the general price level, or a sustained fall in the purchasing power of money
Deflation
Depression
Inflation
Recession
7
A situation in which demand is greater than supply, usually the results of prices being set too low
Supply
Surplus
Shortage
Demand
8
Any place where people buy and sell goods and services
Capitalism
Walmart
Free Market
Market
9
An economy that has elements of traditional, market, and command systems is a mixed economy
False
True
10
Refers to all the economic interactions that cross international boundries
World economy
National economy
Mixed economy
Global economy
11
An economic system based on private ownership of productive resources
Free market
Market
Free enterprise
Privatize
12
The study of individuals, families, and businesses in an economy
Economics
Market Economy
Macroeconomics
Microeconomics
13
The market for the factors of production
Product Market
Factor Market
Command Economy
Factors of Production
14
Command economy is when individual choice and voluntary exchange direct economic decisions
True
False
15
A depression is a prolonged period of economic contraction lasting two or more quarters (6 months or more)
False
True
16
Things that are necessary for survival
Goods
Wants
Scarcity
Needs
17
To change from government or public ownership to private ownership
Capitalism
Nationalize
Market
Privatize
18
A person who buys or uses goods or services
Consumer
Services
Customer
Producer
19
A situation in which people decide for themselves which legal agreements to enter
Free market
Free contract
Free enterprise
Free trade
20
Willingness to buy a good or service and the ability to pay for it is demand
False
True
21
The way a society uses resources to satisfy its people's wants
Command Economy
Traditional Economy
Market Economy
Economic System
22
The market value of all final goods and services produced within a nation in a given time period
GPD
GDP
GOP
GNP
23
A situation in which supply is greater than demand, usually the prices being set too high
Demand
Supply
Shortage
Surplus
24
A recession is an extended period of high unemployment and reduced business activity
True
False
25
Which of the following are the 4 Factors of Production?
Land, labor, capital, entrepreneurship
Land, humans, capital, entrepreneurship
Land, labor, capital, advertisments
Land, labor, resources, entrepreneurship
26
Exists when there are not enough resources to satisfy human wants
Wants
Scarcity
Economics
Goods
27
Economic system that is based on private ownership of the factors of production
Communism
Economics
Capitalism
Socialism
28
The study of the economy as a whole and is concerned with large-scale economic activity
Microeconomics
Market economy
Economics
Macroeconomics
29
Socialism is...
an economic system where the govt's role is limited
system that requires absoulte obedience
economic system in which the govt owns some or all factors of production
an economic system in which the govt owns all factors of production
30
What is laissez faire?
financial gain that a seller makes in a transaction
the principle that the government should not interfere in the marketplace
economic system that is based on private ownership
Some french words that I literally have no idea what they mean
31
To change from private ownership to government/public ownership
Privatize
Command Economy
Repo
Nationalize
32
Objects such as food, clothing, and furniture, that can be bought
Goods
Wants
Producer
Services
33
The study of how individuals and societies satisfy their unlimited wants with limited resources
Command Economy
Microeconomics
Economics
Macroeconomics
34
A maker of goods or a provider of services
Producer
Employee
Services
Consumer
35
An economic system in which the govt owns all the factors of production
Market Economy
Command Economy
Socialism
Communism
36
A system in which central government officials make all economic decisions
Market Economy
Centrally-planned economy
Command Economy
Traditional Economy
37
An economic system in which people produce and distribute goods according to customs handed down from generations
Command Economy
Centrally-planned economy
Market Economy
Traditional Economy
38
Desires that can be satisified by consuming a good or a service
Scarcity
Needs
Wants
Consumers
