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Econ Review Flashcards | StudBud
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Econ Review
Econ Review
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Reviewing Economic terms from the Izzit video
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
Utilities are typically this _____ which is normally forbidden under a Free Enterprise system
supply
demand
competitive
monopolies
2
Idea of splitting up production of different things; one family produce cows and others sheep
division of labor by product
division of labor by process
division of labor by people
division of labor by farm animal
3
The idea that resources are limited, even though humans have unlimited wants
Capitalism
Production
Division of Labor
Scarcity
4
Land, Labor, Capital and Entrepreneurship, the 4 things used to make any product
Factors of Production
Specialization
Materials
Supply
5
type of economy where the decisions on distributing goods/services are made the price system
Subsistence System
Mixed System
Planned System
Market System
6
An example of a command economy
China
Ecuador
United States
France
7
The study of how people make decisions when faced with the fact that all resources are limited
Biology
Money
Economics
Scarcity
8
The unemployment rate is an economic indicator that...
measures # of people not employed but who are looking
measures how many people do not have job and are retired
Is NOT an economic indicator
measures the number of people out of work in the auto industry
9
idea of splitting up production into the different steps it takes to make the product
division of labor by people
division of labor by product
division of labor by process
division of labor by steps
10
When you focus on doing one task, and over time you get a lot more skilled at that job/task
Special Tasking
Economics
Specialization
Multi-Tasking
11
This is a type of economy where all the decisions are made by the government or state
Market Economy
Command Economy
Mixed Economy
Subsistence Economy
