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Economics -T2-FINAL Exam Review (2025) Flashcards | StudBud
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Economics -T2-FINAL Exam Review (2025)
Economics -T2-FINAL Exam Review (2025)
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Midterm Preparation Review
Flashcards
31 cards
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Questions
31
Answers
1
What is an
economic system
?
The ways in which society answers the economic questions.
A system on private ownership trade between buyers & sellers.
the ability to produce more of a given amount of resources.
A system where power distribution is included.
2
A typical example of a
Traditional Economy
, would be one of the following-
Manufacturing warehouse
motorized conveyor belts
Use of drones to deliver packages
Trading & Batering
3
When countries decide to either to
produce military supplies
over consumer goods, economist refer to this as-
Peanut butter & Jelly
Guns vs Butter
Ham & Cheese
Bacon & Eggs
4
The difference between
physical capital and human capital
is that
human capital
includes the following-
Skills and Experience
Objects and useful items
Physical Strength
People who handle packages
5
What happens when the
supply is high and the demand is low
?
You have a equlibram
The Prices tend to increase
The Prices tend to fall
Prices go crazy and have a party
6
An
Entreprenuer
is…
A person who works for the government
A person who starts and owns a business
A very good worker
A person who is lazy
7
Demand is
the amount of something that is available
the number of people who want or need something
another name for a service
a name of a coin used in the Caribbean
8
We all
desire
things that we may not have, it is referred to as a -
A brand new car
Need
Want
a life!
9
What is
Financial Literacy
?
Spending your money once you get paid.
Depositing a check.
Having knowledge on the management of money.
Opening a bank account.
10
When it comes to
Opportunity Cost
, it is the next best or desirable choice or the one you did not take (true or false)
False
True
11
To answer the
three (3) questions of economics
involves of the following, except.....
For whom to produce
When to produce
What to produce
How to produce
12
You are considered a
Generation Z baby
if you were born.....
From 1964 to 1978
From 1996 to 2012
From 1979 to 1985
From 1946 to 1964
13
Supply and Demand -It is the main model of
price determination
used in economic theory.
True
False
14
What is a
budget
?
A bank account
An expense list
A written plan for spending, saving, and investing the money you earn
A collection of investments
15
Which of these are
not
the
4 factors of production
?
Labor
Land
Employees
Captial
16
Economic systems regulate
the factors of production, including
land, capital, and labor
False
True
17
When making decisions, most people and the government will consider these two things-
How long it will take to get the items and from what distance.
The cost of the items and availability
What the trade-off will be if you don't buy that item quickly.
Needs vs Wants
18
A
mixed economy
is a mix of which
2 economic systems?
Market and command
Command and free-enterprise
Traditional and command
Market and socialist
19
Factors Of Production is
?
Land, Ladder, Capital
Lans, Labor, Capital
Kentucky, Fried, Chicken
Land, Labor Capital
20
What are the
factors of production
?
Capital, entrepreneurship, Laziness, Do Nothings
Land, Labor, Capital, entrepreneurship
Land, Labor
Donald Trump
21
Who determines
demand
?
The Buyers
The Sellers
22
The
most
employment loses
were among women
True
False
23
As an
Entrepreneur
, it means that you are the person who is-
Making the most money.
Travelling all over the country.
Taking the most risk!
Using all of your money to start a business.
24
What is
Economics
making decisions to satisfy human needs & wants
Being able to purchase a real estate property
Making decisions to satisfy human needs
Making investments in the New York Stock Market
25
Paying your taxes by April 15
duty
responsibility
26
All are economic systems
except
........
Mixed Economy
Banking System Economy
Command Economy
Free Market Economy
27
What is
financial Literacy
?
That class taught by Mr. Bashir
basic financial knowledge
money reading
boring....
28
Money from taxes is used to pay for services that are provided by the government.
True
False
29
To be considered as a part of the
Labor Force,
means that you are ........?
16 years of age , have worked 1 hour of pay or free on the family farm.
A retiree with a pension.
A full time student
A stay home parent, taking care of young children.
30
What is
Economics
?
The study of how we make decisions with limited resources
How we allocate money to certain policies and the money.
How things are made, bought sold and used
Money, Stock market, and purchasing decisions
31
Human capital
is
The skills, knowledge, and experience possessed by and individual
The skills, knowledge and money possessed by an individual
The knowledge, skills, and land possessed by an individual
The demand, knowledge, and skills possessed by an individual
