stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
EPF Unit 1 Review - The Basics of Economics Flashcards | StudBud
Explore
/
EPF Unit 1 Review - The Basics of Economics
EPF Unit 1 Review - The Basics of Economics
35 terms
·
StudBud Administration
·
760 plays
Imported from external platform
Flashcards
35 cards
F
Practice quiz
P
Host live
L
Questions
35
Answers
1
The U.S. Economy is a mixed economy which means that the economy is
Run by a combination of both business andgovernment.
Run mainly by business.
Run mainly by government.
2
Saving money to buy a house in ten years is an examples of a(n)
long=term goal
marginal goal
short-term goal
3
The things you would like but can live without are called
Wants
Resources
Products
4
A trade-off is
a way to eliminate scarcity
a way to eliminate opportunity costs
an exchange of a good or service for another
a means of satisfying all of your needs
5
The market system is characterized by
centralized decision-making
private property rights
government price controls
6
An opportunity cost occurs
only when you make a good choice
whenever you make a choice
only when you don’t make a choice
only when you make a bad choice
7
A Factor of Production is
Used in the production of services.
Used in the production of goods.
Used in the production of goods and services.
8
A risk-taker represents what factor of production?
Entrepreneurship
Capital
Labor
9
Which is NOT an economic resource?
Land
Capital
Labor
Money
10
Your financial goals should be
specific
limited
unclear
costly
11
The four resources used to produce goods and services are land, labor, capital and
education and training
technology
goods and services
entrepreneurship
12
Getting a college education or starting a business is an example of a (n)
marginal benefit
marginal cost
goal
13
A trade-off occurs because of unlimited resources.
True
False
14
A delivery truck represents what factor of production?
Labor
Entrepreneurship
Capital
15
The principle of opportunity cost evolves from the concept of:
individuality
scarcity
consumer spending
16
A farm represents what factor of production?
Capital
Labor
Land
17
You can decide what job you would like to do in this economic system
market economy
professional economy
command economy
traditional economy
18
When marginal benefit of an activity exceeds marginal cost
people are better off doing less of it
people are better off doing more of it
19
The idea that consumers determine what goods and services will be produced is called
Competition
Consumer sovereignty
Private property
20
A computer is an example of a
Limited resource
Unlimited resource
Natural resource
Capital resource
21
Opportunity cost is the value of the
ce resources you haveaction that waschosen
resources you gave up
best alternative you gave up
resources you gave up
22
Making a profit is highly stressed in this economic system.
market economy
traditional ecoomy
command economy
23
A positive benefit of an unintended consequence might be called a
surprise
lucky break
production factor
windfall
24
In which economic system are the factors of production most likely be owned by the government?
market economy
command economy
traditional economy
25
Wants are studied in economics and resources are studied in finance.
False
True
26
Economics is the study of
gambling
stocks and bonds markets
making money
choice under conditions of scarcity
27
Custom, traditional ways and beliefs are the base values of this economic system.
traditional economy
market economy
command economy
28
The additional satisfaction you receive from consuming an additional unit of a good is called
Marginal benefit
Tradeoff
Marginal cost
29
The largest source of tax revenue for the federal government is
property tax
personal income tax
social security tax
30
Our economy is characterized by
abundant productive labor
no energy resources
unlimited wants
unlimited material resources
31
You have a Coke & a Pepsi and drink the Pepsi. What is the opportunity cost of your choice?
the Coke
zero
the Pepsi
32
The pursuit of self-interest always promotes the social interest." This concept is known as:
the invisible hand
the guiding function of prices
consumer sovereignty
33
Materials that come from nature such as water, coal and timber are examples of
natural resources
unlimited resources
limited resources
capital resources
34
What businesses use to produce goods and services is called
Needs
Resources
Production
35
The opportunity cost of attending college is
the money you borrow to go to college
the money you could earning by skipping college
equal to the salary one earns from college
