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Economics 2022 Flashcards | StudBud
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Economics 2022
Economics 2022
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Answers
1
Objects such as food, clothing, and furniture, that can be bought
Wants
Goods
Producer
Services
2
Economic system that is based on private ownership of the factors of production
Economics
Socialism
Communism
Capitalism
3
Command economy is when individual choice and voluntary exchange direct economic decisions
False
True
4
A person who buys or uses goods or services
Services
Consumer
Customer
Producer
5
An economic system in which people produce and distribute goods according to customs handed down from generations
Command Economy
Centrally-planned economy
Traditional Economy
Market Economy
6
A situation in which people decide for themselves which legal agreements to enter
Free market
Free contract
Free trade
Free enterprise
7
Refers to all the economic interactions that cross international boundries
World economy
Mixed economy
Global economy
National economy
8
Desires that can be satisified by consuming a good or a service
Wants
Scarcity
Needs
Consumers
9
System that requires absolute obedience to those in power
Communism
Authoritarian
Dictatorship
Socialism
10
An economic system in which the govt owns all the factors of production
Command Economy
Communism
Market Economy
Socialism
11
The way a society uses resources to satisfy its people's wants
Economic System
Traditional Economy
Market Economy
Command Economy
12
A recession is an extended period of high unemployment and reduced business activity
True
False
13
The desire and ability to produce and sell a product
Shortage
Demand
Surplus
Supply
14
Socialism is...
an economic system in which the govt owns all factors of production
system that requires absoulte obedience
economic system in which the govt owns some or all factors of production
an economic system where the govt's role is limited
15
Things that are necessary for survival
Needs
Scarcity
Goods
Wants
16
A system in which central government officials make all economic decisions
Traditional Economy
Market Economy
Centrally-planned economy
Command Economy
17
Which of the following are the 4 Factors of Production?
Land, humans, capital, entrepreneurship
Land, labor, capital, advertisments
Land, labor, capital, entrepreneurship
Land, labor, resources, entrepreneurship
18
The market for the factors of production
Factor Market
Command Economy
Factors of Production
Product Market
19
The market value of all final goods and services produced within a nation in a given time period
GPD
GOP
GDP
GNP
20
The study of how individuals and societies satisfy their unlimited wants with limited resources
Command Economy
Macroeconomics
Microeconomics
Economics
21
The study of individuals, families, and businesses in an economy
Microeconomics
Market Economy
Macroeconomics
Economics
22
Work that one person does for another
A job
Producer
Services
Goods
23
An economy that has elements of traditional, market, and command systems is a mixed economy
False
True
24
A situation in which demand is greater than supply, usually the results of prices being set too low
Supply
Surplus
Demand
Shortage
25
An economic system based on private ownership of productive resources
Free market
Privatize
Market
Free enterprise
26
Any place where people buy and sell goods and services
Capitalism
Walmart
Free Market
Market
27
A situation in which supply is greater than demand, usually the prices being set too high
Shortage
Demand
Surplus
Supply
28
A maker of goods or a provider of services
Producer
Services
Consumer
Employee
29
Exists when there are not enough resources to satisfy human wants
Wants
Scarcity
Economics
Goods
30
Market economy is an economic system which the government makes all economic decisions
True
False
31
The study of the economy as a whole and is concerned with large-scale economic activity
Macroeconomics
Economics
Market economy
Microeconomics
32
What is laissez faire?
the principle that the government should not interfere in the marketplace
financial gain that a seller makes in a transaction
Some french words that I literally have no idea what they mean
economic system that is based on private ownership
33
To change from private ownership to government/public ownership
Command Economy
Privatize
Nationalize
Repo
34
Willingness to buy a good or service and the ability to pay for it is demand
True
False
35
A sustained rise in the general price level, or a sustained fall in the purchasing power of money
Deflation
Inflation
Depression
Recession
36
The market where goods and services are bought and sold
Market
Factor Market
Capitalism
Product Market
37
A depression is a prolonged period of economic contraction lasting two or more quarters (6 months or more)
True
False
38
To change from government or public ownership to private ownership
Market
Privatize
Capitalism
Nationalize
