stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems -Bell/Marshall Flashcards | StudBud
Explore
/
Economic Systems -Bell/Marshall
Economic Systems -Bell/Marshall
16 terms
·
StudBud Administration
·
105 plays
Imported from external platform
Flashcards
16 cards
F
Practice quiz
P
Host live
L
Questions
16
Answers
1
What is a negative consequence?
Aaron missed the school bus-he forgot to set the alarm.
Bryce was a starter in Friday night's game
Sara earned money for babysitting.
Becky had extra energy to help her mom
2
Something that is given up as a result of a choice?
benefit
scarcity
shortage
cost
3
What is Opportunity Cost?
What happened in the past
What you recieved
What you gave up
What you are going to get
4
A manager provides an _______ for his employees if they work on Saturday (he promises them a family BBQ.)
cost
freedom
incentive
raincheck
5
Not going to the amusement park with his family is the _________of going to the game.
benefit
reward
opportunity cost
incentive
6
What is an incentive?
A good smell
Getting money
Motivates one to do something
A shift in the PPC curve
7
What is command economy?
Small groups are in charge
Government is in charge
Individuals are in charge
No one is in charge
8
Something that happens as the result of a choice is called a consequence.
True
False
9
The example of a family BBQ paid for by the company acts as a
punishment
distraction
choice
reward
10
People seek choices with the highest possible benefit and the lowest possible cost.
False
True
11
Labor is best defined as...
buildings. machines, tools
Sleeping after staying up all night
work for which people get paid for.
finished car from the factory
12
Darice finally has everything she needs to start her pet-grooming service. Darice is an
lucky
family
entrepreneur
buyer
13
What is a traditional economy
based on someone else's need
based on traditional customs and beliefs of the society
needs and wants
decisions about how much it will cost
14
What is a traditional economy?
an economy controlled by traditions, customs, and beliefs.
an economy controlled by no one.
an economy driven by country's individual citizens
an economy controlled centrally by a government.
15
Having extra money is a benefit of working after school. A benefit is...
negative consequence
a bank to keep your money in
something you give up
a positive consequence
16
The cost of bananas suddenly go up in Michigan. Why?
A hurricane destroyed much of the crop (making it scarce)
More bananas had to be exported
Michigan imported less then more
Who cares, I don't even like bananas.
