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Basics of Economics
Which one is a need?
Karl Marx wants:
Basics of Economics
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1
Karl Marx wants:
Institute Laissez Faire
To elimate private property
To rid government regulation
Have a nice balance of government and private contributions
2
Which one is a need?
Cell Phone
Food
Fancy Clothes
Car
3
Going out and buying things rather than making them at home is what economic principle?
Incentives Matter
Future Consequences Count
Markets Coordinate Trade
Trade Makes people better off
4
The government stepping in to fill in the gaps of the private sector is favored by what economist?
Adam Smith
Milton Friedman
Karl Marx
John Maynard Keynes
5
Worrying about what could happen with the creation of laws that is not expected is called what?
Law of Unintended Consequences
Murphy's Law
Occam's Razor
Incentives Matter
6
Which one is a want?
Food
Shelter
Water
Education
7
The system which focuses on private or corporate ownership of property and capital goods is called?
Free Enterprise
Free Market
Command Economy
Laissez Faire
8
The main difference between socialism and communism is...
Private citizens own the means of production
Socialism can be achieved through democratic means
The government owns the means of production
There is no difference
9
A price floor on resources could be what?
Rent Control
Inflation
Minimum Wage
Corn Subsidies
10
What do we study in economics?
money
stocks
choices
finance
11
What do citizens provide the government to pay for services and expenditures?
Taxes
Nothing
Labor
Food
12
Adam Smith says 2 factors regulate the market, what are they?
Scarcity and Self-Interest
Competition and Self-Interest
Competition and Disregard
Shortage and Suprlus
13
When we run out of a good for a short period of time, what would this be called?
Scarcity
Inflation
Surplus
Shortage
14
Land, Labor, Capital, and Entrepreneurs are
Cost v. Benefit Analysis
Econos
Factors of Production
Examples of Scarcity
15
What do we call the rise in prices of goods or services?
Inflation
Competition
Surplus
Deflation
16
When more money enters the marketplace, what happens to the price of goods and services?
Stay the same
Gradually Decrease
Decrease
Increase
17
Manipulating behavior by providing positive or negative consequences is what economic principle?
Thinking at the Margin
Incentives Matter
Cost v. Benefits
Trade Makes People Better Off
18
What is scarcity?
When there is a surplus supply of a good
When someone is not around very often
When run out of a good for a short period of time
The fact that resources are limited, which lends them value
19
Which economist said, that allowing freedom will lead to equality?
Karl Marx
Adam Smith
John Maynard Keynes
Milton Friedman
20
What are the key economic questions that are asked?
What to produce
How to produce it
Who to produce it for
Where to produce it
