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Unit 1 Study Guide
Unit 1 Study Guide
25 terms
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Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Factors of Production
Labor
Land
Capital
Entrepreneurial Ability
2
Characteristic of Capitalism? Freedom?
True
False
3
Adam Smith wrote Wealth of Nations
False
True
4
Outside the frontier is possible
False
True
5
Inward shift shows shrinkage
True
False
6
Capitalism? Dictating Consumers?
True
False
7
Kinds of Goods
Capital
Consumer
Services
Knowledge
8
Circular Flow shows leakages and injections into the market
True
False
9
Capitalism? No competition?
False
True
10
Macro-Economics
Large Scale (Capital market)
Small Scale (Indiviual market)
11
Kinds of Capital
Human
Physical
Financial
Agricultural
12
Micro-economics
Small Scale (individual market)
Large Scale (Capital market)
13
Straight line PPF means...
Proportional Spending
Insufficiency
Similar goods
Different goods
14
Capitalism is privately owned for profit
True
False
15
Economic system based on Customs and Traditions
Mixed
Command (Socialist)
Market (Capitalism)
Traditional
16
Economic system based on government central authority
Market (Capitalism)
Command (Socialist)
Traditional
Mixed
17
What is opportunity cost
how much it costs to make a good
value of the opportunity lost
how good something is
value of a good
18
What does PPF show
Economic Growth
Scarcity
Resource Limits
Opportunity Costs
19
Division of Labor is required in Capitalism
False
True
20
Outward shift shows economic growth
False
True
21
Economic system based on dictating consumers
Traditional
Mixed
Command (Socialist)
Market (Capitalism)
22
what is economics
prices
a social science on how people use resources for wants
the stock market
inflation
23
Karl Marx wrote the Communist Manifesto
False
True
24
Curved line PPF menas...
Insufficiency
Different goods
Similar goods
Proportional Spending
25
Economic system based on all 3 main economies
Market (Capitalism)
Traditional
Mixed
Command (Socialist)
