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Intro. to Economics Flashcards | StudBud
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Intro. to Economics
Intro. to Economics
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Questions
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1
What "motivates" us as a people and businesses to improve?
Profit motive
Natural competition
Tax breaks
Owning our own land
2
Three sectors of the US economy?
product market, resource market and stock market
Revenue, compensation, and consumption
household, business, and government
household, business, and product market
3
What does the US government receive from the households?
Goods
Services
Taxes
Labor
4
Out of the four categories of resources where would a corn belong?
labor
land
entrepreneurship
capital
5
What does the household purchase from the business?
Taxes
Revenue
Finished products
Income
6
If CISD decided to put an indoor football practice facility at CHS.. What is the opportunity cost?
future maintenance of the facility
how much it would cost to build
the cost of other things that could be built
the cost of maintaining a natural grass field
7
The economic system where businesses operate freely with limited government intervention is…
Socialism
Free Trade
Free Consumerism
Free Enterprise
8
When the government passes a law saying you can't discriminate while hiring employees it's called?
The Public Good
Legal equality
Profit motive
Dollar voting
9
Which is a principle of the American free enterprise system?
Competition
Business cycle
Revenue
Taxes
10
What gives you the the option to choose your occupation in our economic system?
Economic Freedom
Economic Security
Economic stability
Economic Growth
11
What encourages businesses and people to improve their own situations?
Profit motive
Private property
The government
Tax refunds
12
Which Amendment in the U.S. Constitution says the government can legally tax your income?
12
18
15
16
13
A item that is provided buy the government via tax dollars is called a ?
Public good
Refund
private property
Natural resource
14
When you decide what you what want to buy and sell what principle of the free enterprise system are you using?
Competition
Legal equality
Profit motive
Voluntary exchange
15
Which goal of our economic system allows people to choose their own jobs and use their $ as they choose?
Economic Freedom
Economic Growth
Economic Stablity
Economic Security
16
People decide what and when they want to buy and sell. Is the what basic principle?
bartering
Voluntary exchange
Profit motive
Level playing field
17
Out of the four categories of resources where would a Kroger belong?
Land
Entrepreneurship
Labor
Capital
18
Out of the four categories of resources where would a cell phone belong?
capital
labor
entrepreneurship
land
19
What is the purpose on why we study Economics?
Effecticly spending our money
To understand the choices we make to satisfy our want and needs
Figure out how the stock market works
To vote for elected officials
20
If you decide to each lunch at Pizza Shack, what did you trade-off?
Being Home
Lunch anywhere else
7 pounds of weight gain
Being full
21
Which best describes the idea of
opportunity cost
?
the black Friday discounted costs
production costs from the manufacturer
the price of the next best alternate choice that could be made
The sticker price at the reatail store
22
If I choose Smoothie King instead of a smoothie from McDonald's I"m...
Using a coupon
A vegetarian
Dollar voting
Promoting profit motive
23
Which question is one of the 3 fundamental production questions?
How much should the government tax said goods
What should be produced
What will people pay for a good
What should we charge for any particular good
24
Who does the Government not protect?
The Enviroment
Workers
Corporations
Consumers
25
Which way does the PPC curve go when the positive of economic growth happens?
Down
Left
Up
Right
26
A level playing field is what we learned to call?
PPF
Profit motive
Equity
Capitalism
