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Economic Vocabulary Flashcards | StudBud
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Economic Vocabulary
Economic Vocabulary
21 terms
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Beginning basic terms
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Which of the following is "MADE IN THE USA?"
Kitchen-Aid Mixers
Red Bull
Adidas
Legos
2
Natural resources use to produce goods and services.
Capital
Land
Human Capital
Labor
3
Where is most of the world's clothing made?
Southeast Asia
Africa
Europe
North America
4
Using parts or labor outside of your company or country:
Supply side economics
Outsourcing
Tariff
Tagging
5
Which industry as still a huge part of America's income?
Agriculture
Manufactured clothing
Precious metals and gems
Parts for computers and machines
6
What did the Triangle Shirtwaist Factory Fire mostly change?
outsourcing
safety conditions in workplaces
low wages
long hours
7
What industry makes America the most money in the world economy?
OIl
Banking
Agriculture
Ranching / Meat
8
In a command economy, what is the rationale for government making all the decisions?
it is the most efficient of all the economic systems
Everyone has a job and benefits
Freedom to choose
It is how we have always done it
9
Person who puts the factors of production together to create new stuff.
Labor
Human Capital
Adam Smith
Entrepreneur
10
What is a pro for the US to outsource to other countries?
Economic efficiency
Fewer options
Cheap products
Safety risks
11
In a market economy, what is the main GOAL for economic decisions?
Security
Efficiency
Profit
Full employment and benefits
12
What is the main goal of a traditional economy?
Equity
Freedom
Profit
Survival
13
The true cost of a decision - what you are really giving up.
Trade-offs
Decision-making
Opportunity cost
Scarcity
14
Investing in the knowledge of how to use the tools of production.
Land
Capital
Labor
Human capital
15
What is the main business that supports Nevada?
Medical equipment
Agriculture
Tourism
Mining gems and minerals
16
Which of the following is NOT one of the three MAIN economic questions all economies answer?
HOW to make it?
WHAT to make?
WHERE are we making it?
For WHOM are we making it?
17
What is supposed to be the government's role in a mixed economy?
Economic traditions
Safety while maintaining freedom
Survival
Full employment and benefits
18
What is a con for the US to outsource to other countries?
Cheaper products
Loss of American jobs
Language barriers
More options
19
Everything you give up when you make a decision.
Trade-offs
Decisions
Opportunity cost
Supply
20
What do "fair trade labels" mean?
Product made from factories that were inspected
Product was made in a country that trades fairly with others
Product is NOT made in the USA
Product was made cheaply in sweatshops
21
Man-made tools that are used to produce goods and services.
Land
Labor
Capital
Human capital
