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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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StudBud Administration
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Introducing what economics is and what the systems of economics are #econ #highschool
Flashcards
13 cards
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Questions
13
Answers
1
One of the advantages of this economic system is freedoms.
Market
Command
Mixed
Traditional
2
Wealthier nations have more resources.
True
False
3
According to Marx, the capitalists are the workers.
True
False
4
North Korea has this type of economic system.
Traditional
Command
Market
Mixed
5
This type of system is based on customs and beliefs
Market
Traditional
Mixed
Command
6
What is considered something you desire, but don't have to have?
Need
Want
Desire
Cheese
7
This is considered decision making by small units...
Small decisions
Microeconomics
People's choice
Macroeconomics
8
This includes surface land, water, and things found in nature:
Capital
Labor
Land
Entrepreneurship
9
The central government controls the entire economy under this:
Democratic
Authoritarian
10
In this system, change is discouraged. Sometimes even punished.
Traditional
Command
Market
Mixed
11
What is using goods to make other goods or provide services?
Capital
Labor
Land
Entrepreneurship
12
What two things are limited?
Money
None of the above
Both time and money
Time
13
How many basic questions are there when it comes to economic systems?
2
3
4
6
