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Duplicate of Scarcity, Shortage, Opportunity Cost and Economic Systems Flashcards | StudBud
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Duplicate of Scarcity, Shortage, Opportunity Cost and Economic Systems
Duplicate of Scarcity, Shortage, Opportunity Cost and Economic Systems
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1
Any human-made resource that is used to produce other goods and services.
Capital
Land
Labor
Entrepreneurs
2
Which country has a MIXED/SOCIALIST economy?
Russia
United States
France
China
3
Why is capital scarce?
Limited people with knowledge and skills
A non-renewable resource
Limited people who want to create new goods and services
Relies on natural resources
4
When the government eliminates competition...
Market Economy
Command Economy
Mixed Economy
Transitional Economy
5
This is the most desirable alternative you gave up in a trade off.
Want
Opportunity Cost
Need
Scarcity
6
Land, Labor, Capital and Entrepreneurs are all:
Factors of Measurement
Factors of Productions
Factors and Resources
Factors of Economics
7
Why is land scarce?
Relies on natural resources
It is a non-renewable source
A limited number of people create new goods and services
Only a certain amount of people with this knowledge
8
Which area still practices a TRADITIONAL economy?
Inuits
North Korea
China
Rural South America
9
A person who decides how to combine all 3 factors to create goods and services.
Capitals
Labor
Entrepreneurs
Land
10
Which country practices a COMMAND economic system?
Canada
United States
North Korea
France
11
Individual choice determines progress of the market and competition is important.
Command Economy
Traditional Economy
Market Economy
Mixed Economy
12
An item that you desire is called a:
Want
Need
13
When the government owns the means of production.
Communism/Command Economy
Traditional Economy
Socialism/Mixed Economy
Capitalist/Market Economy
14
Knowledge and skills a person gains through education and experience.
Physical Capital
Human Capital
15
Why are entrepreneurs scarce?
Limited people with knowledge and skills
Limited people who want to create new goods and services
A non-renewable resource
Relies on natural resources
16
Human-made material resources used in production are called human ______.
resources
capital
17
Why is labor scarce?
Limited amount of people who have skills and knowledge
It is non-renewable
Limited amount of people who create new goods and services
Relies on natural resources
18
All of the alternatives that we give up when we make a choice is called a?
Opportunity Cost
Trade Off
Shortage
Scarcity
19
Which country has a MARKET economic system?
France
United States
North Korea
China
20
In the process of shifting from central planning to private enterprises (privatization)
Market Economy
Mixed Economy
Transitional Economy
Command Economy
21
Which one of these figures is NOT considered to be an ENTREPRENEUR?
Bill Gates
Barack Obama
Steve Jobs
Mark Zuckerburg
22
Who coined the term, the "invisible hand?"
John Locke
Vladimir Lenin
Adam Smith
Karl Marx
23
An item that you desire but it is not needed for survival is called a:
Need
Want
24
Which country has a Transitional Economy?
Great Britian
United States
North Korea
Russia
25
Production is done the way it has always been done and little excess is produced.
Transitional Economy
Traditional Economy
Mixed Economy
Command Economy
26
Who developed the idea of Communism?
Karl Marx
Adam Smith
John Locke
Vladimir Lenin
27
Effort a person devotes to a task for which they are paid.
Capital
Entrepreneurs
Land
Labor
28
Resources used to create physical products.
Goods
Services
29
Temporary or long-term shortage of a resource caused by an external force.
Scarcity
Shortage
30
There are limited quantities of resources to meet unlimited wants.
Shortage
Scarcity
31
Basic things for survival are:
Needs
Wants
