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Chapters 1-3: Economics Flashcards | StudBud
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Chapters 1-3: Economics
Chapters 1-3: Economics
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Economics ch 1-3: what is economics, economic systems, consumerism
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Explain communism.
People choose
Government has control, picks your job(discussion)
2
What country did the ghost cities video we watch take place in and what was it about?
The United States
China
3
Identify as a want or need.
Want
Need
4
Identify the following commercial as an advertisement type.
Comparative
Bait and Switch
Informative
Competitive
5
Identify the following commercial as an advertising type
Competitive
Bait and Switch
Comparative
Informative
6
Identify the following as a good or service
Good
Service
7
Explain capitalism.
Market system and some other stuff that I"m going to explain
government in charge
8
Identify the following economic system
Command
Market
Traditional
Mixed
9
Identify the following commercial as an advertising type.
Informative
Competitive
Bait and Switch
Comparative
10
Identify the following commercial as an advertisement type.
Competitive
Informative
Bait and Switch
Comparative
11
Identify the following as a good or service.
Service
Good
12
Identify the following economic system.
Market
Traditional
Command
Mixed
13
What does "efficiency" mean?
Using scarce resources to the best of their abilities
Being the most efficient
Using the most resources to the best of their ability
Wasting resources
14
Identify the following economic system.
Mixed
Command
Traditonal
Market
15
What is the opportunity cost?
You buy 4 candy bars for $4..
You spend $5 at the store on snacks.
You buy 4 candy bars instead of 4 apples for $4.
You buy 4 apples for $4.
16
Identify as a want or need
Want
Need
17
Describe what happened to Lisa-- what happened, how did it happen, etc?
She got scammed (discuss as a class)
She made money legally and went to college and had no debts
18
Explain socialism.
The chip game we played Wednesday: our wealth redistributed
The people choose
19
Identify the following economic system.
Traditional
Mixed
Command
Market
20
What is this video showing? Summarize it in your own words.
Scarcity
Opportunity cost
Guns vs Butter debate
Economics
