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Unit 1 Foundations of Economics Flashcards | StudBud
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Unit 1 Foundations of Economics
Unit 1 Foundations of Economics
14 terms
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unit 1 review for CDH Economics
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
This system is found in countries where the government makes all the decisions
traditional
market
command
Mixed Market
2
Which of the following is NOT one of the basic ideas of free market system
there is government control of businesses
everyone had the same economic rights
competition creates better products
People do what is best for themselves
3
This system is based on tradition
traditional
mixed market
market
command
4
Scarcity is when needs and wants are BLANK what is available
Equal to
less than
not aware of
greater than
5
Which of the following is an example of entrepreneurship
the money used to invest in a company
the skills of the labor force
Bill Gates
the buildings lot
6
This system gives individual people the most incentive to work hard
traditional
market
mixed market
command
7
This economic system places economic freedom as the most important goal
mixed market
command
market
traditional
8
in this system people and businesses and people answer the three basic questions
mixed market
traditional
command
market
9
Why are BUTCHERS motivated to produce steak
because it is the only meat that comes from a cow
because they can make a profit off of steak
because consumers eat steaks
because of government regulations
10
the study of how individuals and societies satisfy their unlimited wants with limited resources
Capitla
Entrepreneurship
Economic Systems
Economics
11
Which of the following economists is the father of the command economic system
John Meynard Kaynes
Karl Marx
Adam Smith
Tom Brady
12
the value of the next best alternative or what you give up
scarcity
comparative advantage
absolute advantage
opportunity cost
13
What is the economic term given to an individual that can produce more than another
Opportunity Cost
Trade off
Comparative Advantage
Absolute Advantage
14
The condition in which economic resources are not being used to their full potential
efficiency
under utilization
scarcity
opportunity cost
