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Economic Principles and Systems Flashcards | StudBud
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Economic Principles and Systems
Economic Principles and Systems
30 terms
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StudBud Administration
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Introduction to #Economics unit review.
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
What is the most fundamental principle behind economics?
Value
Scarcity
Supply
Capital
2
When economist study the near future where at least one variable is constant is...
The long-run
The short-run
Macroeconomics
Economic Growth
3
Which economic system is established under total government control?
Communism
Capitalism
Mixed Market
All of these
4
A SERVICE is...
A non-physical product
Something not necessary for survival
Something necessary for survival
A physical product
5
Asking the question "How many Americans are currently unemployed" is an example of...
Productivity
Macroeconomics
Economic Growth
Microeconomics
6
Asking the question "How many iPhones are sold each year" is an example of...
Productivity
Microeconomics
Macroeconomics
Economic Growth
7
Marginal utility represents...
The value or benefit of the next unit
Opportunity Costs
How useful something is
The value of what you purchase
8
The value you get out of something is called its
Profit
Use
Gain
Utility
9
Adam Smith described this as how humans correct themselves when pursuing their own gain
Economics
Proletariat
Invisible Hand
Communism
10
When economists study the distant future where all variables may change
The short-run
Microeconomics
Macroeconomics
The long-run
11
Which factor of production represents natural resources?
Capital
Entrepreneurship
Labor
Land
12
The inability for one person to have all the required knowledge is the main reason this fails
Socialism
Capitalism
13
Which of these is not a factor of production?
Land
Capital
Labor
Enthusiasm
14
Most economies today are some variation of a mixed market economy
True
False
15
The factor of production which represents human ingenuity and risk-taking
Land
Labor
Capital
Entrepreneur
16
Economics is a social science because it...
Has to do with math and formulas
Hardly gets anything right
Studies humans and their choices
Studies money
17
Economics is different than other sciences because
You don't need a lab coat
Human nature has no strict rules of action
It is not taught at every grade level in school
It as nothing to do with the physical world
18
Which factor of production represents workers?
Capital
All of these
Land
Labor
19
Physical capital refers to
Labor
Tools
Land
Knowledge
20
The value of what you lose to do something else is called...
Opportunity Costs
Marginal utility
Profit
Scarcity
21
Which of these is not an economic question
For whom to produce?
What to produce?
How to produce?
Why do we produce
22
An item required for survival
Needs
Wants
23
An economic system which is based on religion or customs may be called...
Mixed Market
Capitalism
Traditional
Communism
24
Which discipline of economics studies the economy as a whole?
Microeconomics
Macroeconomics
25
Human capital refers to
Labor
Workers
Entrepreneurship
Knowledge
26
A GOOD refers to...
Something not necessary for survival
Something necessary for survival
A non-physical product
A physical product
27
Which economic system tends to have a market economy but with some government involvement
Communism
Traditional
Capitalism
Mixed Market
28
Which economic system supports the idea of workers rising up and controlling production
Capitalism
Communism
29
Examines the choices of individuals concerning one product, one firm, or one industry.
Macroeconomics
Productivity
Microeconomics
Economic Growth
30
Which economic system is based on small government, individual choice, and voluntary exchange?
Communism
None of these
Capitalism
Traditional
