What is a Market Economy:

Based off of private ownership, free trade, and competetion

Which of the following is the reason why people start businesses?

Businesses want to earn the greatest profit from their work.

Which statement accurately describes how banks function?

Banks allow people to store, earn, and borrow money.

What are the Four Factors of Production?

Natural Resources, Capital, Labor, Entrepreneurs

What is a Command Economy:

Based off of where the government controls the economy

How is money a store of value?

It can be saved and spent in the future

System of producing, buying, and selling goods and services

How do multinational companies keep their costs low?

They build factories in countries where the labor is cheap.

Which of the following is an example of globalization?

Basketball jerseys are being bought throughout the world.

Which of the following characterizes the economies of the United States and Canada?

capitalist economies-individuals decide what to purchase

What is a Traditional Economy:

Based off of customs and traditions- ex: hunting/farming

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Module 5 Review: Economics

21 termsStudBud Administration1,695 plays

Flashcards21 cardsFPractice quizPHost liveL

Questions 21

Answers

1
Which freedom does the free enterprise system promote?
The freedom to bear arms
The freedom of the press
The freedom to own property
The freedom of religion
2
How do people get the goods they need?
All the above
They request loans from the banks to pay for the goods.
They barter to acquire the resources they need.
They purchase the goods.
3
What is a Market Economy:
Based off of where the government controls the economy
Based off of private ownership, free trade, and competetion
Based off of customs and traditions- ex: hunting/farming
4
What do workers sell their labor in exchange for?
Expansion
Debt
Income
Opportunity Cost
5
Match the name of the country with its type of economy. Capitalist Economy:
United States
China
India
6
What two factors generally determine the price of a good or service?
Debt and Income
Expansion and Submission
Income and cost
Supply and Demand
7
Which of the following is the reason why people start businesses?
want to hire the people to do the smallest amount of work.
Want to have the highest salaries for their workers
Businesses want to spend the amount of money on resources.
Businesses want to earn the greatest profit from their work.
8
Match the name of the country with its type of economy. Communist Economy:
United States
India
China
9
Which statement accurately describes how banks function?
Customers usually lose their money if a banks closes
Banks allow people to make their own coins and paper money.
Customer is usually charged high rates to store their money
Banks allow people to store, earn, and borrow money.
10
What are the Four Factors of Production?
Natural Resources, Capital, Labor, Entrepreneurs
Natural Resources, Capital, Labor, Economy
Communism, Socialism, Capitalism, Market Economy
Natural Resources, Capital, Economy, Big Business
11
Which of the following describes how the government provides public goods?
All the above
A system of money which allows us to buy and sell items
Providing police for protection of the people
Schools providing education for its students.
12
What is a Command Economy:
Based off of private ownership, free trade, and competetion
Based off of customs and traditions- ex: hunting/farming
Based off of where the government controls the economy
13
How is money a store of value?
Goods and Services can be measured by the dollar
People can spend money on things they want
It can be saved and spent in the future
It is a means by which items can be exchanged
14
Putting your money into the stock market is an example of an investment?
False
True
15
What is an economy?
System of producing, buying, and selling goods and services
When there are not enough resources to meet people’s needs
Value of a thing you give up in tradeoff
The money an individual or business has left after expenses
16
How do multinational companies keep their costs low?
They manufacture their products in one country.
They build factories in countries where the labor is cheap.
They assemble their final product in different countries
They build factories far away from raw materials.
17
A developing country is considered to have a high gross domestic product (GDP).
True
False
18
Which of the following is an example of globalization?
Shirts are made in Vietnam.
An American student buys a pencil made in the United States.
A scientist reads an article written in English.
Basketball jerseys are being bought throughout the world.
19
Which of the following characterizes the economies of the United States and Canada?
Socialist economies- Gov't controls important industries.
capitalist economies-individuals decide what to purchase
Communist economies- where government controls
20
Match the name of the country with its type of economy. Socialist Economy:
United States
China
India
21
What is a Traditional Economy:
Based off of where the government controls the economy
Based off of private ownership, free trade, and competetion
Based off of customs and traditions- ex: hunting/farming

Module 5 Review: Economics Flashcards | StudBud

Module 5 Review: Economics

21 termsStudBud Administration1,695 plays

Module 5 Review: Economics

Flashcards21 cardsFPractice quizPHost liveL

Questions 21

Answers

1
Which freedom does the free enterprise system promote?
The freedom to bear arms
The freedom of the press
The freedom to own property
The freedom of religion
2
How do people get the goods they need?
All the above
They request loans from the banks to pay for the goods.
They barter to acquire the resources they need.
They purchase the goods.
3
What is a Market Economy:
Based off of where the government controls the economy
Based off of private ownership, free trade, and competetion
Based off of customs and traditions- ex: hunting/farming
4
What do workers sell their labor in exchange for?
Expansion
Debt
Income
Opportunity Cost
5
Match the name of the country with its type of economy. Capitalist Economy:
United States
China
India
6
What two factors generally determine the price of a good or service?
Debt and Income
Expansion and Submission
Income and cost
Supply and Demand
7
Which of the following is the reason why people start businesses?
want to hire the people to do the smallest amount of work.
Want to have the highest salaries for their workers
Businesses want to spend the amount of money on resources.
Businesses want to earn the greatest profit from their work.
8
Match the name of the country with its type of economy. Communist Economy:
United States
India
China
9
Which statement accurately describes how banks function?
Customers usually lose their money if a banks closes
Banks allow people to make their own coins and paper money.
Customer is usually charged high rates to store their money
Banks allow people to store, earn, and borrow money.
10
What are the Four Factors of Production?
Natural Resources, Capital, Labor, Entrepreneurs
Natural Resources, Capital, Labor, Economy
Communism, Socialism, Capitalism, Market Economy
Natural Resources, Capital, Economy, Big Business
11
Which of the following describes how the government provides public goods?
All the above
A system of money which allows us to buy and sell items
Providing police for protection of the people
Schools providing education for its students.
12
What is a Command Economy:
Based off of private ownership, free trade, and competetion
Based off of customs and traditions- ex: hunting/farming
Based off of where the government controls the economy
13
How is money a store of value?
Goods and Services can be measured by the dollar
People can spend money on things they want
It can be saved and spent in the future
It is a means by which items can be exchanged
14
Putting your money into the stock market is an example of an investment?
False
True
15
What is an economy?
System of producing, buying, and selling goods and services
When there are not enough resources to meet people’s needs
Value of a thing you give up in tradeoff
The money an individual or business has left after expenses
16
How do multinational companies keep their costs low?
They manufacture their products in one country.
They build factories in countries where the labor is cheap.
They assemble their final product in different countries
They build factories far away from raw materials.
17
A developing country is considered to have a high gross domestic product (GDP).
True
False
18
Which of the following is an example of globalization?
Shirts are made in Vietnam.
An American student buys a pencil made in the United States.
A scientist reads an article written in English.
Basketball jerseys are being bought throughout the world.
19
Which of the following characterizes the economies of the United States and Canada?
Socialist economies- Gov't controls important industries.
capitalist economies-individuals decide what to purchase
Communist economies- where government controls
20
Match the name of the country with its type of economy. Socialist Economy:
United States
China
India
21
What is a Traditional Economy:
Based off of where the government controls the economy
Based off of private ownership, free trade, and competetion
Based off of customs and traditions- ex: hunting/farming