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