define opportunity cost

the benefits you could have received

What is a shifter of the PPC?

Trade, Change in technology, Change in resources

What is human capital?

Skills, knowledge, and abilities people have or obtain

Which of the following represents marginal cost?

The cost of producing one additional unit

In Economics, 'Land' is defined as:

Natural materials used to create goods and services

Which of the following is a characteristic of a mixed economy?

both the market and the government make economic decisions

Any point along the PPC means......?

The production of goods is being done efficiently

What's a command economy.

Resources owned and controlled by the government.

Needs and wants outweigh the amount of resources available.

What are advantages of a Traditional Economy?

Everyone knows what role to play

what is a market economy

an economy driven by country's individual citizens

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Econ Unit 1 Review

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Questions 30

Answers

1
This economic system can sometimes fail to meet the basic needs of a society
market
traditional
command
2
define opportunity cost
total satisfaction received from consuming a good service
the benefits you could have received
a group of buyers and sellers
the price of a good or service increases
3
_____ means not having enough of something
marginal
scarcity
inflation
opportunnity cost
4
What is a shifter of the PPC?
Trade
Change in technology
Price
Change in resources
5
What is allocation?
Burning or cutting money.
To keep something all to oneself
The distribution of something.
A crime.
6
a _____ is a basic requirement for survival
need
motivator
incentive
want
7
A good used to produce another good or service is called a ____________
capital good
consumer good
service
product
8
What is human capital?
Skills, knowledge, and abilities people have or obtain
choosing a college
the division of labor
the amount of money people are willing to spend on a product
9
tools, machinery, and factories are examples of ______
labor
capital goods
financial capital
land
10
Moving from point B to point A shows _____
inefficient production
economic growth
a different combo of products
economic decline
11
Which of the following represents marginal cost?
Mortgage payments
Wages and raw materials
The sum of fixed costs and variable costs
The cost of producing one additional unit
12
True or False: Voluntary exchange is present in a command economy
true
false
13
In Economics, 'Land' is defined as:
The equipment used to create goods and services
Natural materials used to create goods and services
The layer of the Earth where all resources are found
The portion of the Earth not underwater
14
_______ is people, including their skills and abilities
land
labor
capital
service
15
What are disadvantages of a Traditional Economy?
People can't eat
People have to work
It discourages new ideas
Nobody participates
16
Which of the following is a characteristic of a mixed economy?
all economic decisions are determined by supply and demand
the government controls all economic decisions
economic decisions are made by government and ruler
both the market and the government make economic decisions
17
Any point along the PPC means......?
Neither
The production of goods is being done efficiently
The production of goods is being done inefficiently
We are in a recession
18
In command economies, the government's role is to ______
promote freedom
encourage competition
ensure consumer satisfaction
make all decisions
19
This allocation method centers on the laws of supply and demand
lottery
sharing
force
price
20
What's a command economy.
Resources owned and controlled by the government.
Resources owned by Shaggy.
Resources owned and controlled by the people.
Resources owned by the market.
21
Alternative choices made in the market place are called
opportunity cost
scarcity
incentives
trade offs
22
Opportunity cost can be...
time
neither of these
money
both of these
23
In a mixed economy, the government's role is to _____
make all decisions
plan all activities
regulate
define goals
24
This economic system can make big changes quickly because there is one central decision maker
traditional
market
command
mixed
25
The USA has a ______ economy
traditional
command
market
mixed
26
In capitalism, the _____ own the factors of production
businesses
millionaires
private citizens
producers
27
Define Scarcity
A social science dealing with people's needs and wants.
A fundamental problem in society.
Needs and wants outweigh the amount of resources available.
A limited amount of resources compared to prices.
28
What are advantages of a Traditional Economy?
Everybody can participate how they want
Everybody can eat whatever they want
Everyone knows what role to play
Nobody has to work
29
This shift in the PPF shows economic ______
decline
surplus
inefficiency
growth
30
what is a market economy
an economy controlled by traditions, customs, and beliefs.
an economy driven by country's individual citizens
an economic system combining private and public enterprise.
an economy controlled centrally by a government.

Econ Unit 1 Review Flashcards | StudBud