What is the definition of revolution?

a dramatic (fast) change in ideas, practice or government

What is urbanization?

the movement of people to city areas in search of work

What does the term "laissez faire" mean?

businesses/economy run with no interference from government

the study of money, resources, and choices

What is the definition of socialism?

government owns & operates most of nation's major industries

What is the definition of capitalism?

private businesses own & operate all means of production

What is the definition of communism?

government owns & operates all means of production

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SS KPREP Economics Review

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8th Grade Economics Review for state testing

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Questions 27

Answers

1
What is the definition of revolution?
private businesses own & operate all means of production
government owns & operates all means of production
a dramatic (fast) change in ideas, practice or government
government owns & operates most of nation's major industries
2
Most people are __________________, those who work to provide goods.
citizens
consumers
economists
producers
3
What is urbanization?
a push for greater economic structural stability
a desire to live in higher populated areas
the movement of people to city areas in search of work
a movement from the city to the rural areas
4
This sales advertisement may change your behavior. Therefore it is an example of an _________.
scarcity
opportunity cost
incentive
production
5
The United States is which economic system?
Free Market Economy
Command Economy
Mixed Economy
Traditional Economy
6
In which economy would consumers have choice and business owners own private property?
Mixed Economy
Command Economy
Traditional Economy
Free Market Economy
7
What does the term "laissez faire" mean?
a business is structured without a CEO in charge
the government controls all areas of a small business
businesses/economy run with no interference from government
the economy is connected to an alliance/deal with the French
8
Water and wind are examples of which type of resource?
global warming
capital
natural
human
9
A _________________ is someone who uses goods.
citizen
consumer
economist
producer
10
What is economics?
the study of Earth's land and how that impacts our life
the study of politics
the study of money, resources, and choices
the study of the past and how that influences our lives
11
If I choose Pringles over Takis, Takis would be the _____________________.
incentive
consumer
opportunity cost
production
12
Teacher is an example of which type of resource?
human
extraterrestrial
capital
natural
13
Which type of economy would you find in a communist government?
Mixed Economy
Free Market Economy
Command Economy
Traditional Economy
14
What is the definition of socialism?
government owns & operates all means of production
government owns & operates most of nation's major industries
a dramatic (fast) change in ideas, practice or government
private businesses own & operate all means of production
15
What is a necessity or something you would find difficult to do without?
none of the above
need
inflation
want
16
What is the highest price a good/service can be sold/or paid called?
debt crisis
inflation
price gauging
price ceiling
17
In which economy do people make decisions based on historical patterns?
Command Economy
Mixed Economy
Traditional Economy
Free Market Economy
18
A __________________ is the human desire to have and use a certain good.
inflation
need
want
none of the above
19
What is the definition of capitalism?
private businesses own & operate all means of production
government owns & operates most of nation's major industries
a dramatic (fast) change in ideas, practice or government
government owns & operates all means of production
20
Who is a competitor of McDonald's?
Kohl's
Friday's
Burger King
Applebee's
21
What is the main basic economic problem?
government
money
scarcity
time
22
What is a basic economic question that all economic systems answer?
For whom will it be produced?
All of the above
What will be produced?
Who will produce it?
23
What is the definition of communism?
private businesses own & operate all means of production
government owns & operates all means of production
a dramatic (fast) change in ideas, practice or government
government owns & operates most of nation's major industries
24
Scarcity means __________________.
limited supply, not enough
too many goods and services
high prices
none of the above
25
__________consists of earnings after all expenses have been paid.
production
incentive
Takis
profit
26
Computer is which type of resource?
human
extraterrestrial
natural
capital
27
Which is NOT a type of economic system?
Command Economy
Booming Economy
Free Market Economy
Mixed Economy

SS KPREP Economics Review Flashcards | StudBud