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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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This is from beginning of PPt till Socialism
Flashcards
46 cards
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Questions
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1
Renewable resources are resources that....
can make more
take millions of years to make more
cannot make anymore
2
All the thing that can be used to make goods or services.
producer
demand
market
recources
3
Microeconomics studies
small topics and individuals in economies
past economies and ancient countries
modern economies and countries
big topics and whole economies
4
What are the features of a market economy
National Budget
Consumer freedom
State-owned enterprises exist
Full employment by government
5
Labor means___
Bravery
Achievement
Work
Success
6
Macroeconomics deals with :
The activities of individual entities
Business behaviour
The behaviour of the electronics industry
Economic aggregates
7
Socialism is...
All of these
Socialist system divided into market and non market forms
Social ownership of the means of production
Ownership can be public, private, collective, or citizen owned
8
What is Macroeconomics?
Economics that focuses on one specific market or company.
Economics on a grand scale that covers overall values.
Economics of one single good or service.
Economics of production.
9
What are Microeconomics?
Study behavior or choices that relate to the entire economy
Anything that forces us to choose
Study behavior choices of a small group
Value of the trade off
10
What makes question Normative
It outlines what is not positive in Economics
It is objective and can be tested
It is based on opinion and cannot be tested
It outlines what is normal in Economics
11
scarcity
too much of something
the price
when there is not enough of something
a movie
12
Adam Smith was a Socialist
False
True
13
What is Scarcity?
The study of how to allocate scarce resources
A city where people are frequently scared.
A resource that is abundant and can be used without negative effect.
The economic problem there is a gap between resources and limitless wants
14
Economics is the study of...
the study of goods and services
how we choose to satisfy wants/needs with scarce resources
the study of a country's money
the study of money
15
What is capitalism
The capital of a state or country
Capitalizing a letter at the beginning of a sentence
Hillary's emails
An economic system based on private ownership of property
16
What is allocation
All of these
Locating finite resources
Relocating infinite resources
The distribution of resources
17
What is Communism ?
No one owns anything, the government owns it all
Government is always number one
Government controls everyone and everything
Everyone can own everything, but what they own is controlled by the gov.
18
What is Socialism
An economic system in which production is regulated by the government
An economic system in which production is regulated by the community
An economic system in which production is regulated by the marketplace
None of these
19
Adam Smith
was a scientist who fought for biodiversity
was an economist who believed in the invisible hand.
was an environmentalist who believed in national parks
was a historian who documented environmental decline.
20
What is Capitalism
An economic system in which production is regulated by the government
An economic system in which production is regulated by the marketplace
An economic system in which production is regulated by the community
None of these
21
What is Capitalism
None of these
An economic system in which production is regulated by the community
An economic system in which production is regulated by the government
An economic system in which production is regulated by the marketplace
22
Demand is
The amount of some good or service consumers will not buy
The amount of some good or service consumers demand
The amount of some good or service consumers are able to buy
The amount of good or service consumers do NOT demand
23
What is Socialism?
Everything is controlled by the community
Entry economy is controlled by individuals
Being social by eating ice cream with fellow soviets
Partial government control
24
What is Communism
None of these
An economic system in which production is regulated by the marketplace
An economic system in which production is regulated by the government
An economic system in which production is regulated by the community
25
Is The USA a classless society?
No
Yes
26
What are Economic Resources?
Raw materials supplied by nature
things available to be used to produce goods and services
the production of goods and service
The people who produce goods and services
27
Who is Adam Smith?
A Famous Journalist
McDonalds Employee
A British Philosopher
A Scottish Philosopher
28
Nonrenewable resources
all of the choices.
can be exhausted within dozens or hundreds of years.
are renewable, but only over millions or billions of years.
exist in a fixed quantity.
29
In a market economy how is the allocation of goods determined?
They are determined by the amount of scarce resources
They are determined by the marketplace
They are determined by the government
They are determined by natural resources
30
What is the laissez faire?
The government shouldn't intervene with the economy
A fair
A woman who introduced the free market system
A document stating the government should intervene
31
Who advocated (called for) free and competitive markets and trade?
Locke
Hobbes
Adam Smith
Montesquieu
32
Human Resources
increased consumer spending
equipment designed by engineers
are natural resources
produce goods and services
33
What makes question Positive
It is objective and can be tested
It outlines what is normal in Economics
It is based on opinion and cannot be tested
It outlines what is not positive in Economics
34
When was The Wealth of Nations written?
1778
1890
1776
1865
35
Define Demand
Expectations
None of these
Doing what you are told to do
The amont of goods or services that buyers wish to purchase
36
a classless society where all wealth & property is owned by the community as a whole is :
populism
communism
capitalism
socialism
37
Economics is the study of
Human behaviour
all of these
Scarcity
How we choose to allocate resources
38
What did Adam Smith say makes an economy prosperous?
Trees
Natural resources
A command economy
Freedom to pursue one's self-interest
39
Macroeconomics is not concerned with:
the unemployment rate of Australia
prices of bananas
National production
National income
40
Why do we study Economics
To get rich
To gain a better understanding of normative analysis
To understand how we allocate scarce resources
To gain better understanding of positive analysis
41
Demand refers to
Ability to pay
Want
Need
All of these
42
Define the term - Allocation of resources
the unfair process of dividing food to poorer people
gov. must allocate resources so one is effected by scarcity
all the resources that are needed to create a product
How resources are divided and then distributed to consumers
43
Classless society; everyone gets an equal share.
socialism
communism
traditional
free market
44
Define Scarcity
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
A fundamental problem in society.
A social science dealing with people's needs and wants.
45
Who was Adam Smith?
Capitalist
Communist
Socialist
Democratic
46
Define Supply
The amounts of goods or services a seller has to offer
the limited quantities of resources such as, land, capital, and labor
The action or process of distributing scarce resources
None of these
