stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
CE. 11 and 12 Flashcards | StudBud
Explore
/
CE. 11 and 12
CE. 11 and 12
32 terms
·
StudBud Administration
·
2,117 plays
Imported from external platform
Flashcards
32 cards
F
Practice quiz
P
Host live
L
Questions
32
Answers
1
What are the three basic questions of economic systems?
How Much? Where can I get that? Does it come in my size?
What? How? For Whom?
What is the Opportunity Cost? Do I analyze it? What is it?
2
What is scarcity?
Limited resources
Unlimited resources, limited wants
Unlimited wants
Unlimited wants, limited resources
3
Does China's economy lean toward command or market economy?
Command
Market
4
When consumers, producers, and government decision makers are forced to make choices
Resources
Economics
Scarcity
Civics
5
A command economy
is a government planned economy
is full of individual opportunity
Has many choices
What we have in the United States
6
In economics, a market includes
eBay
all of the above
Roses
Food Lion
7
A free market economy
has very little government involvment
Has a lot of government involvement
Has a mixed amount of government involvement
Has to much government involvement
8
A car is a natural resource.
True
False
9
Who determines demand?
Buyers We the People
Sellers
10
What is Opportunity cost?
Giving up one thing for 3 others.
The value of the next best alternative that must be forgone or second best.
Goods or services that are required for survival.
A fundamental belief or practice about what is desirable.
11
A mixed Economy
Is what most countries are today and in the United States
The Internal Revenue System
Is in North Korea
Is to confusing
12
Capital resources include
Tractors, sheds, irrigation system
Vehicles, buildings, computers
All of the above
Cash register, store fittings, stock
13
define opportunity cost
the benefits you could have received or the second best alternative
a group of buyers and sellers
total satisfaction received from consuming a good service
the price of a good or service increases
14
_________ means resources are limited but people’s wants are unlimited.
capital
opportunity cost
allocation
scarcity
15
Mr. L own a taco shop his business is
A partnership
A sole proprietorship
Out of business he doesn't know how to make tacos
A corporation
16
Is economics important in our world?
True
False
17
A free market economy
Has a lot of government involvement
Has to much government involvement
has very little government involvment
Has a mixed amount of government involvement
18
What is economics?
money remaining from revenues after expenses are paid
sales
The study of how goods/ services are produced, and consumed
the study of the government
19
Who determines supply?
Buyers
Demanders
Suppliers
Students in Mr. L's class
20
Where supply and demand curves meet is known as:
connection
equal
coincide
equilibrium
21
Today, the U.S. Economy is often characterized as a ________ economy.
laissez-faire
command
socialist
mixed
22
What is an example of capital
Grass
Hammer
Boss
23
Which is NOT a natural resource?
trees
flowers
sun
paper
24
As supply increases, price will increase
False
True
25
What graph is this?
Demand
Supply
26
Traditional Economy is
What the government tells you to do
based on custom and historical precedent
Free Market
based on the circular flow
27
what is a traditional economy
an economy controlled by traditions, customs, and beliefs.
All of the above
an economy driven by country's individual citizens
an economy controlled centrally by a government.
28
What is consumer choice?
A good or service sold in another country
The wealth and resources of a country
Buyer's purchases determine the goods and services produced
owned or provided by the government
29
What role does the government play in the U.S. economy?
it collects taxes, provides goods, provides services
it provides national defense
it provides private businesses
it passes and enforces laws
30
What is shortage?
serfs
supply
jobs
When demand exceeds supply.
31
Production is
Take it
combining of ingredients
Robots
Combination of human, natural, capital and entrepreneurship ...make it
32
What is entrepreneurship
the desire to go home 🏠
Name of the ship that sailed
word is to long IDK
Having an idea, human and financial capital and resources
