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Economics Unit 1 Review Flashcards | StudBud
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Economics Unit 1 Review
Economics Unit 1 Review
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A review of scarcity, opportunity cost, PPC, Economic systems, and Business Organizations.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Haircut
Service
Good
2
An analysis of the cost of an economic decision to see whether the benefits outweigh the costs.
Martinal Cost
Cost Benefit Analysis
Trade-off
Marginal Benefit
3
Which of the following is NOT a way to shift the PPC to the right?
New resources
Technological Change
Government regulations
Research and Development
4
Points A, B, and C are
Inefficient
Efficient
5
an examination of the benefits of an activity compared to the costs of that same activity
Circular Flow
Factors of Production
Diminishing Return
Marginal Analysis
6
Which of the following is NOT an economic system?
Traditional Economy
Private Economy
Command Economy
Market Economy
7
Point X is
Efficient
Inefficient
8
A central authority makes ALL major economic decisions.
Command Economy
Market Economy
Traditional Economy
Capitalist Economy
9
Which of the following is NOT a need?
Water
Food
Cell Phone
Shelter
10
Entrepreneurs are paid this way.
Profit
Wage
Interest
Rent
11
Point Y is
Efficient
Currently unattainable
Inefficient
Never possible
12
Market economies are also known as all of the following EXCEPT
Capitalism
Free Enterprise
Socialism
Free Market
13
Capital is paid for this way.
Wage
Rent
Interest
Profit
14
The satisfaction or usefulness a consumer gains from a good.
Want
Value
Need
Utility
15
Shoes
Good
Service
16
Buyers and sellers make the important economic decisions.
Market Economy
Communist Economy
Command Economy
Socialist Economy
17
What are the 4 Factors of Production?
Capital, Entrepreneurs, Land, Labor
Capital, Enterprises, Labor, Land
Entrepreneurs, Businesses, Labor, Government
Consumers, Resources, Businesses, Government
18
The next best alternative that is given up in an economic choice.
Real Cost
Supply
Opportunity Cost
Demand
19
Basic productive resources are government owned and operated. The rest are privately owned.
Capitalism
Imperialism
Socialism
Communism
20
This is the basic economic problem.
Opportunity Cost
Incentives
Scarcity
Profit
