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Basic Economic Concepts Flashcards | StudBud
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Basic Economic Concepts
Basic Economic Concepts
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Formative Assessment Tool
Flashcards
28 cards
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Questions
28
Answers
1
What health care system our country offer?
An unregulated, free-market health care system
A regulated health care system with a range of private and public options
Free Health care for everyone
Only health care for the elderly
2
When an economy increases its capacity for production
Marginal Analysis
Incentives
Opportunity cost
Economic Growth
3
The study of the production and distribution of scarce resources
sociology
mathematics
economics
anthropology
4
Economic system in which the government makes all decisions.
Traditional
Market
Mixed
Command
5
System in which the government supports free enterprise through regulations.
Traditional
Mixed
Command
Market
6
The increasing trend of the production and distribution of goods and services worldwide.
Traditionalism
Anthropomorphism
Entrepreneurship
Globalization
7
Which of the following does a command economy not do?
Support entrepreneurs
Determine for whom to produce
Determine how to produce
Determine what to produce
8
Which is not one of the three decisions economic systems must make?
Who gets the goods and services?
How goods should be produced?
What and how many goods can be produced?
How much goods should cost?
9
refers to the basic economic problem, the gap between limited resources and theoretically limitless wants.
Resources
Incentives
scarcity
Command Economy
10
Belief that economic decision making should be determined by the government
Mixed Economy
Command Economy
free Market
11
An example of a pure market economy is
Saudi Arabia
United States
Mexico
Does not exist
12
What is the governments roll under a mixed economy?
Decides Quantity of goods produced
Decides who is allowed to buy and sell.
Decides Market Price
Supports and regulates free enterprise.
13
What is the goal of Socialism?
financial return
more equal distribution of wealth
Maximized production
economic growth
14
a measure of the work done by human beings
Capital
Land
Entrepreneurship
Labor
15
What are market economies based upon?
Buyers and sellers
Randomness
Government control
Moon cycles
16
requires strict government control of almost entire society + economy
Socialism
Command Ecnomy
Free Enterprise
Communism
17
Economic System in which individuals and private groups make decisions about what to produce.
Traditional
Market
Command
18
What determines the difference between communism and socialism?
type of currency
factors of production
type of goods produced
amount of government involvement
19
What is used to ensure decisions are executed under command/communist economy?
People
Sellers
purchasers
Political Party / government
20
Land, Labor, & Capital
Factors of production
goods & services
economics
command economy
21
What do people choose under the Market system?
The people don't have choices
choose products they will or will not buy as shoppers
Decide how much a company will charge for its products.
22
Tools and equipment used in the production process
Labor
Capital
Entrepreneurship
Land
23
Which is not one of the three economic types?
Traditional
Market
Domestic
Command
24
an examination of the additional benefits of an activity compared to the additional costs incurred by that same
incentives
Opportunity cost
capital
Marginal Analysis
25
a thing that motivates or encourages one to do something.
Entrepreneur
incentives
Opportunity cost
Imports
26
Economic System in which habit and custom determine the rules for all economic activity.
Traditional
Command
Market
27
the resource that encompasses the natural resources used in production
Entrepreneurship
Capital
Land
Labor
28
have the right to own property or businesses, make profit with limited government interference.
Private Individuals or groups
Governments
Markets
