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Econ Unit 1 Review Flashcards | StudBud
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Econ Unit 1 Review
Econ Unit 1 Review
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Flashcards
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Questions
32
Answers
1
A good used to produce another good or service is called a ____________
service
product
consumer good
capital good
2
Alternative choices made in the market place are called
scarcity
opportunity cost
trade offs
incentives
3
True or False: Voluntary exchange is present in a command economy
false
true
4
What is a shifter of the PPC?
Price
Change in technology
Trade
Change in resources
5
This economic system can make big changes quickly because there is one central decision maker
command
mixed
traditional
market
6
This shift in the PPF shows economic ______
decline
growth
surplus
inefficiency
7
Opportunity cost can be...
time
money
both of these
neither of these
8
What is human capital?
the division of labor
Skills, knowledge, and abilities people have or obtain
choosing a college
the amount of money people are willing to spend on a product
9
In a mixed economy, the government's role is to _____
regulate
define goals
make all decisions
plan all activities
10
Moving from point B to point A shows _____
economic growth
economic decline
a different combo of products
inefficient production
11
define opportunity cost
total satisfaction received from consuming a good service
the benefits you could have received
the price of a good or service increases
a group of buyers and sellers
12
tools, machinery, and factories are examples of ______
financial capital
capital goods
land
labor
13
what is a market economy
an economy controlled by traditions, customs, and beliefs.
an economic system combining private and public enterprise.
an economy controlled centrally by a government.
an economy driven by country's individual citizens
14
In command economies, the government's role is to ______
encourage competition
make all decisions
ensure consumer satisfaction
promote freedom
15
This economic system can sometimes fail to meet the basic needs of a society
market
traditional
command
16
This allocation method centers on the laws of supply and demand
price
sharing
lottery
force
17
The USA has a ______ economy
command
traditional
market
mixed
18
_____ means not having enough of something
marginal
inflation
scarcity
opportunnity cost
19
Division of labor forces people to ___________in one aspect of a job
diversify
unionize
specialize
pacify
20
a _____ is a basic requirement for survival
want
motivator
need
incentive
21
In capitalism, the _____ own the factors of production
private citizens
producers
millionaires
businesses
22
Marginal benefit is
additional cost from one more unit of an activity
additional gain from one more unit of an activity
loss of highest-valued alternative
forgone opportunity
23
Which of the following represents marginal cost?
Wages and raw materials
The cost of producing one additional unit
Mortgage payments
The sum of fixed costs and variable costs
24
Which of the following is a characteristic of a mixed economy?
both the market and the government make economic decisions
the government controls all economic decisions
all economic decisions are determined by supply and demand
economic decisions are made by government and ruler
25
_______ is people, including their skills and abilities
land
capital
service
labor
26
What is allocation?
To keep something all to oneself
The distribution of something.
A crime.
Burning or cutting money.
27
Any point along the PPC means......?
The production of goods is being done inefficiently
The production of goods is being done efficiently
Neither
We are in a recession
28
What are disadvantages of a Traditional Economy?
People have to work
Nobody participates
People can't eat
It discourages new ideas
29
In Economics, 'Land' is defined as:
The portion of the Earth not underwater
The layer of the Earth where all resources are found
Natural materials used to create goods and services
The equipment used to create goods and services
30
What are advantages of a Traditional Economy?
Nobody has to work
Everyone knows what role to play
Everybody can eat whatever they want
Everybody can participate how they want
31
Define Scarcity
A social science dealing with people's needs and wants.
A fundamental problem in society.
Needs and wants outweigh the amount of resources available.
A limited amount of resources compared to prices.
32
What's a command economy.
Resources owned by Shaggy.
Resources owned and controlled by the people.
Resources owned and controlled by the government.
Resources owned by the market.
