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Economics Review
Economics Review
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Economics- Test Review
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
__________ is the study of how people try to satisfy wants & needs through the use of resources
Land
Scarcity
Financial Captial
Economics
2
What country is an example of a command economy
Brazil
'Merica
Russia
England
3
What are the basic economic question(s) every society must ask?
How to produce?
All of these
What to produce?
For Whom to produce?
4
What is this..
production curve
production possibilities curve
supply and demand curve
XY curve
5
____________ is not having enough resources to produce things people would like to have
GDP
scarcity
labor
production
6
What country is an example of a market economy
Russia
China
North Korea
'Merica
7
The acronym GDP stands for...
Great Domesticated Products
Gross Domestic Product
Great Descriptive People
Global Department of Production
8
After the individuals receive their income from the resources they sell, they spend it in....
super markets
wealth markets
product markets
factor markets
9
What is this..
Chart of Life
Factor of Production Chart
Buy/Sell Diagram
Circular Flow Diagram
10
What are the three economic systems?
traditional, command, service
service, market, command
command, market, traditional
market, production, traditional
11
Entrepreneurs are known as...
"adrenaline junkies"
"thrill seekers"
"risk- takers"
"stupid"
12
What are the four factors of production?
Life, Liberty, Labor and Land
Entrepreneurship, Life, Money and Capital
Land, Labor, Capital, Entrepreneurship
Land, Labor, Money and Country
13
____________ means we rely on others and others rely on us to provide goods and services
economic specialization
economic interdependence
economic independence
economic insecurity
14
______________ is the cost of the next best alternative use of money, time or resource
trade- off
cost- benefit analysis
production possibilies
opportunity cost
15
Most economic decisions can be made by using ______________________
simple models
the rational choice
cost-benefit analysis
standard of living
16
What country is an example of a traditional economy
Ethiopia
North Korea
Merica
France
17
books, shoes, cars, iphones are all an example of a....
good
resource
service
need
