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Review of Fundamentals and Economic Systems
Review of Fundamentals and Economic Systems
20 terms
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StudBud Administration
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Basic Quiz for preparation of Topic 1 and 2 Economics Exam
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which would be an example of capital?
A factory purchasing new machines
People planting seeds
A businessman planning a new ad campaign
a flock of goats
2
Which is not a factor of production?
Competitiveness
Entrepreneurship
Land
Labor
3
Which is NOT one of the three questions all societies must answer?
Why it should be produced?
For whom, should it be produced
What to produce?
How it should be produced?
4
Opportunity cost is a person's ?
Buying price
Trade-offs
2nd choice
3rd choice
5
People must always prioritize their wants because of what, meaning that resources are limited?
Supply
Scarcity
Wants
Demand
6
Free enterprise system is another name for what economic system?
Market economy
Command economy
Traditional economy
Mixed economy
7
Economic freedom allows people to choose who they buy or sell from, a process known as?
Voluntary Exchange
Consuming and Producing
Revenue
Sales
8
According to this chart, point D represents an amount that is...
Unattainable
Inefficient
Lost
Efficient
9
When a good or service is temporarily not available, we refer to it as a?
Scarcity
Want
Need
Shortage
10
Which factor of production would an olive tree be considered?
Entrepreneurship
Labor
Land
Capital
11
This picture shows an example of what?
Supply and Demand Diagram
The US economy
Circular flow chart
Scarcity and Supply
12
If a country's government controls most businesses, what type of economy does it have?
Market Economy
Mixed Economy
Command Economy
Traditional Economy
13
Tim goes to the movies instead of bowling. What term represents what Tim is giving up?
Opportunity Cost
Economic Wants and Needs
Scarcity
Law of Choices
14
A new tech makes it possible to make more goods, which direction does the middle PPC shift?
Right to the green PPC
Stays the same
Does the hokey pokey
Left to the red PPC
15
Economics is the study of?
Choices
Wants
Money
Business
16
If you choose a point on the PPC, that number represents?
Inefficiency
Efficiency
Impossibility
17
The USA has what type of economic system which has economic freedom with some gov involvement?
Command
Traditional
Market
Mixed
18
A glass of water is a need but a Dasani water bottle is a?
a lot of money for water
Choice
Want
Desire
19
What is the term for when a country or business focuses on one task or product?
Single Good Strategy
Specialization
Partial Utilization
Single Economy
20
In a market economy, who owns the factors of production?
The government
Local leaders
a few select people
Individuals and businesses
