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Economics -T2-FINAL Exam Review (2025) Flashcards | StudBud
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Economics -T2-FINAL Exam Review (2025)
Economics -T2-FINAL Exam Review (2025)
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Midterm Preparation Review
Flashcards
31 cards
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Questions
31
Answers
1
What is a
budget
?
A written plan for spending, saving, and investing the money you earn
An expense list
A bank account
A collection of investments
2
A typical example of a
Traditional Economy
, would be one of the following-
Manufacturing warehouse
Use of drones to deliver packages
motorized conveyor belts
Trading & Batering
3
As an
Entrepreneur
, it means that you are the person who is-
Travelling all over the country.
Making the most money.
Taking the most risk!
Using all of your money to start a business.
4
Human capital
is
The knowledge, skills, and land possessed by an individual
The skills, knowledge, and experience possessed by and individual
The skills, knowledge and money possessed by an individual
The demand, knowledge, and skills possessed by an individual
5
What is an
economic system
?
The ways in which society answers the economic questions.
A system on private ownership trade between buyers & sellers.
A system where power distribution is included.
the ability to produce more of a given amount of resources.
6
What is
Economics
?
How things are made, bought sold and used
How we allocate money to certain policies and the money.
Money, Stock market, and purchasing decisions
The study of how we make decisions with limited resources
7
Factors Of Production is
?
Kentucky, Fried, Chicken
Lans, Labor, Capital
Land, Ladder, Capital
Land, Labor Capital
8
We all
desire
things that we may not have, it is referred to as a -
Want
Need
A brand new car
a life!
9
An
Entreprenuer
is…
A person who is lazy
A very good worker
A person who works for the government
A person who starts and owns a business
10
To answer the
three (3) questions of economics
involves of the following, except.....
What to produce
For whom to produce
How to produce
When to produce
11
Paying your taxes by April 15
responsibility
duty
12
You are considered a
Generation Z baby
if you were born.....
From 1964 to 1978
From 1979 to 1985
From 1946 to 1964
From 1996 to 2012
13
Supply and Demand -It is the main model of
price determination
used in economic theory.
False
True
14
All are economic systems
except
........
Banking System Economy
Command Economy
Free Market Economy
Mixed Economy
15
What is
Economics
Being able to purchase a real estate property
Making investments in the New York Stock Market
making decisions to satisfy human needs & wants
Making decisions to satisfy human needs
16
The difference between
physical capital and human capital
is that
human capital
includes the following-
Skills and Experience
People who handle packages
Objects and useful items
Physical Strength
17
A
mixed economy
is a mix of which
2 economic systems?
Traditional and command
Market and socialist
Command and free-enterprise
Market and command
18
What happens when the
supply is high and the demand is low
?
The Prices tend to increase
The Prices tend to fall
You have a equlibram
Prices go crazy and have a party
19
Which of these are
not
the
4 factors of production
?
Employees
Captial
Labor
Land
20
The
most
employment loses
were among women
True
False
21
When making decisions, most people and the government will consider these two things-
How long it will take to get the items and from what distance.
The cost of the items and availability
Needs vs Wants
What the trade-off will be if you don't buy that item quickly.
22
What is
Financial Literacy
?
Spending your money once you get paid.
Depositing a check.
Opening a bank account.
Having knowledge on the management of money.
23
To be considered as a part of the
Labor Force,
means that you are ........?
A retiree with a pension.
A full time student
A stay home parent, taking care of young children.
16 years of age , have worked 1 hour of pay or free on the family farm.
24
Money from taxes is used to pay for services that are provided by the government.
True
False
25
Demand is
the number of people who want or need something
the amount of something that is available
another name for a service
a name of a coin used in the Caribbean
26
Who determines
demand
?
The Sellers
The Buyers
27
What are the
factors of production
?
Donald Trump
Land, Labor
Land, Labor, Capital, entrepreneurship
Capital, entrepreneurship, Laziness, Do Nothings
28
What is
financial Literacy
?
basic financial knowledge
That class taught by Mr. Bashir
boring....
money reading
29
When it comes to
Opportunity Cost
, it is the next best or desirable choice or the one you did not take (true or false)
True
False
30
Economic systems regulate
the factors of production, including
land, capital, and labor
True
False
31
When countries decide to either to
produce military supplies
over consumer goods, economist refer to this as-
Ham & Cheese
Peanut butter & Jelly
Bacon & Eggs
Guns vs Butter
