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Chapter 1 and 2 Econ Flashcards | StudBud
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Chapter 1 and 2 Econ
Chapter 1 and 2 Econ
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1
on this PPC, point B marks:
An impossible combination of goods
Efficient use of resources
Underutilization
Inefficient use of resources
2
what is the definition of a GOOD?
The things that people do for one another
A man made object that satisfies needs and wants
Naturally occurring items that satisfy needs and wants
3
How are Scarcity and Shortage different?
Scarcity is forever
Shortage is forever
Scarcity is not really a problem
4
In a Centrally Planned Economy, choices are made by:
The Government
Individuals
the Church
5
Define OPPORTUNITY COST
the option that you did not choose when you make a decision
the money paid when you make a decision
the time given up when you make a decision
6
Stockholders get part of the firms profits in the form of:
Dividends
Grants
Patents
Bonds
7
I chose to have kids. What is my opportunity cost?
the money spent on diapers
the time spent with her screaming her head off
The video games I can no longer play
8
What are the two "groups" in a Free Market economy?
House Holds and Societies
Households and Firms
People and Government
Jobs and Government
9
What are the different types of capital?
Physical, Human
Land, Labor
Machines, Tool
Natural, Human
10
Who am i here for?
The people
FDR's little legs
Yo granny
Nikki Woodson's twitter account
11
How do you improve your Human Capital?
Buy it
Wake and Bake
Go learn something
12
What is the definition of a NEED?
Something required for survival
something you would like to have
13
Who is this?
Wonder Woman
Eminem
Superman
Batman
14
The power of the consumer in the market is known as:
Supply and Demand
Consumer sovereignty
The invisible hand
Opportunity Cost
15
What country is an example of a mixed economy?
North Korea
China
United States
Cuba
16
Define SCARCITY
Not having enough of an item to go around
The idea that there is a limited amount of all resources
17
What is the definition of a WANT?
Something you would like to have
Something necessary for survival
18
What are the three economic questions?
What?, How?, Who?
Where?, What?, How?
Huh?, Really?, WOW!
When?, Who?, Why?
19
The problem facing all economic systems is:
Technology
Scarce Resources
Surplus Produces
Inadequate wants
20
Adam Smith's described the self regulating nature of the market as:
Pretty Nifty
The Invisible Hand
The Master Plan
Laissez Faire
21
How does consumer sovereignty work?
Firms make more of what the people dont want
Firms make what the people want to buy
22
Which of the following is NOT an economic system?
Banking Sector
Free Market
Command
Mixed
23
Guns vs. Butter is
a choice between Army funding or Navy funding
a choice between Parks spending and infrastructure spending
a choice between military spending and domestic spending
24
In a Free Market Economy, choices are made by:
Individuals
The Government
The Church
25
Which of the following are Factors of Production?
Factories, Workers, Materials
Land, Labor, Capital
Time, Equipment, Money
26
Which is an example of a Mixed Economy?
The Soviet Union
Cuba
North Korea
The United States
27
What is an example of a free market economy?
Cuba
The United States
China
THEY DONT EXIST!!!!!
