stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Fun! Flashcards | StudBud
Explore
/
Economics Fun!
Economics Fun!
19 terms
·
StudBud Administration
·
1,624 plays
Ms. Williams's economy quiz. NOT GRADED.
Flashcards
19 cards
F
Practice quiz
P
Host live
L
Questions
19
Answers
1
What is Supply and Demand?
a good or service a producer is willing to sell
interaction of supply and demand determines price
a good or service that consumers are willing to buy
discounts on products
2
What are characteristics of command economies?
profit motive, competition, individual choice
Mixed between free market
Central Ownership, centrally-planned economy, lack of choice
government is owner.
3
What are some examples of Resources?
Choice
Production
Natural, human, capital, intermediary, and entrepreneurship.
Opportunity Cost
4
What is choice?
Selecting an item from a set of possible alternatives.
Good and Bad
Having somebody else decide what to do.
Being told what to do.
5
What are the four types of economies?
Federal, Central, Confederate, Mixed.
State, Local, Central, and Federal.
Command, Oligarchy, Communist, and Dictatorship.
Traditional, free market, command, mixed.
6
What are entrepreneurs?
Two or more owners who share the risks and profits.
takes a risk to produce goods/services in search of profit.
One owner who takes all the risks and all the profits.
Act as legal entity regardless of number of owners.
7
What is partnership?
Investors
Act as a legal entity regardless of owners.
One owner takes ALL the risks and profits.
Two or more owners who share the risks and the profits.
8
What are characteristics of mixed economies?
Consumers are in control.
Qualities are mixed from free market and command economy.
Government is in control.
Lack of consumer choice.
9
What is price?
Income
Money
Incentives to buy goods.
amount of money exchanged for a good or service.
10
What is Scarcity?
The inability to satisfy all the wants at the same time.
Being scared of something.
Having plenty of products for consumers.
Being able to buy things.
11
What are characteristics of free markets?
government is owner.
Lack of consumer choices
Central ownership, central economy, lack of choice.
Private ownership of property, profit motive, competition.
12
What is opportunity cost?
Not knowing the future.
The same as choice
What is given up when a choice is made.
Benefits of the choice
13
What is a corporation?
Two or more owners who take all the risks and profits.
Act as a legal entity regardless of number of owners.
Risk to produce goods and services.
One owner takes ALL the risks and profits.
14
What is Demand?
A good or service that consumers are willing to buy
Discounts
a good or service that producers are willing to sell
Taking money from people.
15
What is supply?
a good or service that consumers are willing to buy
a good or service that a producer is willing to sell
Walmart and Target
discounts on items
16
What is proprietorship?
Owners share profit
Two or more owners who share the risks.
Taxes
One owner who takes ALL the risks.
17
What are Incentives?
Used to chance emotions.
The amount of money available.
Motivating people to act a certain way.
Used to take money away from people.
18
What is production?
Purchasing goods
combining of resources to make or provide goods or services
Hard work
Using goods or services
19
What is consumption?
Buying goods and services.
Using goods and services.
Amount of goods and services being sold.
amount of goods and services being bought.
