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Fundamental Econ review Flashcards | StudBud

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What can increase labor productivity?

What are the factors of production?

Fundamental Econ review

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Answers

1
What are the factors of production?
Property, Infrastructure, Profit, Entrepreneurship.
Land, Machines, Labor, Entrepreneurship.
Land, knowledge, capital, money.
Land, Labor, Capital, Entrepreneurship
2
What can increase labor productivity?
Improving the standard of living
Implement goals for employees
Paying everyone the same.
Giving workers better tools/resources.
3
Which is a negative aspect of a traditional economy?
It doesn't create a sense of community.
People have to work harder in this economy.
The people have to rely on the land.
There is stagnation.
4
Which is an example of human capital?
Going to school.
A factory worker
A copy machine
A house
5
What is a characteristic of a Free Market Economy?
There should be a little government involvement.
Private property is important.
The government owns all property.
Traditions and customs are important.
6
Why is a Command Economy appealing to some societies?
It promotes equality.
It allows people to make a lot of money.
The people don't have to contribute to the economy.
The government will control everything.
7
If you choose to get extra sleep instead of studying for a test, what is your opportunity cost?
Getting a good grade on the test
Getting enough sleep
Not being prepared for the test
Free time
8
What type of economy do most countries have?
Mixed
Traditional
Command
Free Market
9
What does laissez faire translate to?
do not interefere
let it happen
no control
hands off
10
What book did Adam Smith write?
The Wealth of Nations
The Communist Manifesto
Democracy in America
Das Kapital