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Economics Unit 1 Flashcards | StudBud
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Economics Unit 1
Economics Unit 1
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Answers
1
high value of nonessential item and low value of essential item
gross domestic product
capital good
paradox of value
nondurable goods
2
some states have set up this to protect workers from adverse economic events (layoffs, illnesses, etc.)
more time off
unemployment compensation programs
workers insurance
support groups
3
A fundamental problem in every society
overpopulation
inflation
standard of living
scarcity
4
Struggle among sellers to attract consumers
fights
profit
completion
competition
5
cost of choosing one alternative over another
consumerism
scarcity
capital
opportunity cost
6
best example of successful privatization
Soviet Union
Japan
China
Cuba
7
quality of life
standard of living
inflation
great
specialization
8
major advantage of market economy
offers loans for entrepreneurs
high degree of individual freedom
can change direction rapidly
keeps stock market steady
9
economic systems in order from least to most flexible
command, socialist, free market
free market, socialism, command
free market, command, socialism
socialism, command, free market
10
accumulation of all tangible products
production possibilities
gross wages
nation's wealth
nationalization
11
economic action done or brought about by free choice
free market system
competition
free enterprise
volantary exchange
12
System in which economic activity is driven by supply, demand, and the price system
traditional system
command system
market economy
mixed economy
13
consumers determine
how to produce
for whom to produce
what to produce
all the above
14
economic system in which private citizens own and use resources to make a profit
command system
market system
capitalism
profit motive
15
Rise in the general level of prices
specialization
inflation
profit
consumerism
16
driving force that encourages people to improve their material well-being
competition
profit motive
inflation
stock exchange
17
comprehensive measure of a nation’s wealth
production possibilities curve
gross domestic product
durable goods
capital goods
18
Conversion of state-owned property to individual ownership
individuation
capitalism
privatization
nationalization
19
characteristic of a capitalist free enterprise economy
consumerism
minimum wage
free market
voluntary exchange
20
Someone who organizes and manages land, capital, and labor to make a profit
provider
entrepreneur
manager
organizer
21
It is
illegal to discriminate on the basis of age, sex, race religion, or _____.
political views
income
disability
status
22
most prevalent economy in the world
market
traditional
mixed
command
23
Movement that promoted the rights of buyers
consumer protection
promotionism
buyers rights
consumerism
24
efficient use of scarce resources leads to an increase in
investment
workers
productivity
wealth
25
the US economic system
traditional economy
command economy
free market capitalist economy
socialist economy
26
protect consumers against harm from products on the market
franchises
consumer protection
profit motives
government regulations
27
The role of the consumer as ruler of the market
provider
protector
consumer sovereignty
specialist
28
When a nations’ total output increases over time
economic interdependence
economic efficiency
economic growth
wealth
29
measures a country’s output and economic health
gross domestic product
gross income
gross per capita
gross domestic people
30
Economic sector in which goods and services are sold illegally
open market
black market
factor market
fixed market
31
Economic system with a combination of command, traditional, and market economies
mixed economy
privatization
economic system
factor economy
