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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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Review for 9 weeks Exam Economics
Flashcards
21 cards
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Questions
21
Answers
1
What is economics?
money remaining from revenues after expenses are paid
sales
The study of how goods/ services are produced, and consumed
the study of the government
2
In economics, what is the definition of equalibrium?
supply and demand for a product are balanced
supply of a product is higher than the demand
demand is higher than the supply of a product
supply and demand for a product increases
3
Term used to describe what governments use to promote business production
full employment
property overhaul
capitalism
incentive
4
Production inside the production possibilities curve is known as
capitalism
economic frontier
market front
inefficacy
5
What kinds of goods are shown below
inferior goods
capital goods
consumer goods
complimentary goods
6
What are incentives?
A thing that motivates or encourages one to do something
Trade off
A thing that doesn't motivate us to do something
Unintended Consequences
7
North Korean economy is an example of
authoritarian socialism
command
capitalism
free enterprise
8
High levels of unemployment and high levels of inflation is known as
Economic Stability
Business Cycle
Inflation
Stagflation
9
Economy which has no government intervention free to choose what to produce and sell
traditional
command
communism
market
10
Excessive wasteful government spending affects the circular flow model in the form of unnecessary expenditures
Loss of Utility
Pork Barrel
Inflation
Stagflation
11
Economic measure of the countries well being
free enterprise
economic security
stability
standards of living
12
Lack of resources including time.
scarcity
traditional
efficiency
product market
13
What drives the economy
government
security
contracts
consumers
14
Law of Supply
equilibrium shifts up
Price goes down Supply rises
Price goes up Supply drops
Price goes down supply goes down
15
Government which runs every aspect of economy.
Oligarchy
Democracy
Theocracy
Communism
16
The goal of economic stability is
corporate taxes and high employment
full employment and stable prices
falling demand and rising prices
high employment and high inflation
17
Law of Diminishing Marginal Utility results
Demand Curve Shifts Left
Supply Curve reaches equilibrium
Equilibrium shifts downward
Demand Curve Shifts Right
18
Limited government intervention in market decisions. Idea of lasasis faire
Command
Authoritarian
Democratic socialism
Capitalism
19
What is considered full employment in the economy
0%
1%
10%
4%
20
Goods used to produce other goods
product goods
capital goods
consumer markets
consumer goods
21
Economy which contains both government and private sector
command
traditional
market
mixed
