stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
1st 6 weeks Econ Flashcards | StudBud
Explore
/
1st 6 weeks Econ
1st 6 weeks Econ
11 terms
·
StudBud Administration
·
2,642 plays
Imported from external platform
Flashcards
11 cards
F
Practice quiz
P
Host live
L
Questions
11
Answers
1
Opposite of shortage
Boat Load
Surplus
Limited
Discounted
2
The intention of the production possibilities curve?
It predicts demand in a Market Economy
It predicts supply in a Capitalist market
Used by mixed economies to predict economical possibilities in the market
identifies possible combinations of goods/ services an economy can produce
3
best describes Trade Off
the cost of choosing one alternative over another
Waiting in line
Deciding what to choose
Quitting tobacco
4
In a Market economy economic decisions are made by the
Business
Government
People
Business and Governments
5
When resources are being used efficiently
Specialization
Productivity
total expenditures
demand
6
The Free Market theory considers this the best way to allocate resources
Government allocation
Competitive market
distorted incentives
rationing
7
Waiting in lines for limited good and services is an example of
Scarcity
Consumer responsibility
Consumer rights
Consumernism
8
How some government's (national, state and local) take care of employees out of work
Social Security
Medicare
Food Stamps
Unemployment benefits
9
The study of economics involves explaining how people deal with scarcity.
False
True
10
What drives a Capitalistic market
Gross Domestic Product
Government
Stock Market
Profit Motive
11
Which economic system is designed to provide goods and services for those who cannot afford them
Free Market
Traditional
Capitalism
Socialism
