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Economic Systems Unit Review Flashcards | StudBud
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Economic Systems Unit Review
Economic Systems Unit Review
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#economics
Flashcards
9 cards
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Questions
9
Answers
1
The most desirable alternative given up as the result of a decision is also known as:
An Entrepreneur
An Opportunity Cost
A Budget Constraint
A Trade-Off
2
Which of the following does NOT describe an economic system?
Mixed
Traditional
Free Market
Democratic
3
Which is an example of a nation with a pure free market economic system?
North Korea
USA
Chad
None of the above
4
The philosophy that government should not interfere in the marketplace is also known as
Private property
Free enterprise
Free market system
Laissez faire
5
_________________ refers to any human-made resource that is used to produce goods and services.
Factors of Production
Land
Labor
Capital
6
Which is a question that nations answer when determining their economic system?
Who gets to consume the goods and services produced?
How will the goods and services be produced?
What goods and services will be produced?
All of the above
7
What is a synonym for a centrally planned economic system?
Pure Free Market
Communist Economy
Specialized Economy
Command Economy
8
As more units of a good are purchased, the marginal utility will:
Increase at the same rate for everyone
Decrease at different rates for different people
Increase at different rates for different people
Decrease at the same rate for everyone
9
An expectation that encourages people to behave in a certain way describes
An incentive
Specialization
Competition
A factor payment
