What is GDP (Gross Domestic Product)?

The measure of all the goods and services produced over time

Strong environmental laws should be enforced so our children/ grandchildren can have good lives

Economic Growth, Economic Equity

Which broad social goals do market economies promote?

Economic Growth, Economic Freedom

Which of the following is an incentive?

Tax deductions, rebate, interest on $ in savings, something that makes you do something (or not do something)

Which broad social goals do traditional economies promote?

Economic Security, Economic Equity

What do we consider entrepreneurship?

ideas and organization behind production

What are the 3 major decisions every economic system must make?

What to produce, how much to make, and whom to produce for?

What is opportunity cost?

The next best alternative you give up when you make a choice

What is economic security?

Protection against economic risks

Drug abuse hurts the economy and health care system. Drug enforcement is necessary

Economic Equity, Economic Security

What is economic equity?

Considering how fair or right/wrong economic decisions are

Anyone successful enough to have a family fortune shouldn't have inheritance taxed

Economic Freedom, Economic Growth

Wants being unlimited and while the resources are limited

Which broad social goals do command economies promote?

Economic Equity, Economic Security

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Econ Unit 1 Review: BSG and Economic Systems

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Questions 20

Answers

1
What is GDP (Gross Domestic Product)?
The measure of all the goods and services produced over time
The measure of inflation
The measure of economic decisions
The measure of costs and benefits
2
Strong environmental laws should be enforced so our children/ grandchildren can have good lives
Economic Growth
Economic Equity
Economic Freedom
Economic Efficiency
3
Anyone who's willing to learn & work can get to the top regardless of financial background
Economic Equity
Economic Security
Economic Freedom
Economic Efficiency
4
Which broad social goals do market economies promote?
Economic Equity
Economic Efficiency
Economic Growth
Economic Freedom
5
What do we consider land?
human skill and effort
natural resources
equipment and materials
ideas and organization behind products
6
Which of the following is an incentive?
Tax deductions, rebate, interest on $ in savings
The next best alternative given up when you make decisions
Unlimited wants and limited resources
something that makes you do something (or not do something)
7
Which broad social goals do traditional economies promote?
Economic Security
Economic Equity
Economic Freedom
Economic Growth
8
What do we consider entrepreneurship?
natural resources
equipment and materials
ideas and organization behind production
human skill and labor
9
What are the 3 major decisions every economic system must make?
What sells, what doesn't, what might?
What are the costs, benefits, and risks?
How much to buy, where to buy, when to buy?
What to produce, how much to make, and whom to produce for?
10
What is opportunity cost?
All of your costs combined
Where supply and demand are in perfect balance
$50
The next best alternative you give up when you make a choice
11
If reducing the speed limit on roads to 55 mph saves even 1 life, it should be done
Economic Security
Economic efficiency
Economic Equity
Economic Freedom
12
What is economic security?
Protection against economic risks
Considering whether economic decisions are fair
Ensuring consumers can use their income how they want
Considering whether economic decisions are wise
13
Drug abuse hurts the economy and health care system. Drug enforcement is necessary
Economic Growth
Economic Equity
Economic Security
Economic Freedom
14
What is economic equity?
Being able to use your income any way you want
Considering whether economic decisions are wise
Considering how fair or right/wrong economic decisions are
Increasing the production of goods over time
15
What do we consider labor
ideas and organization behind production
human skill and effort
equipment and materials
natural resources
16
Ticket scalping for plays, concerts, and athletic events actually benefits buyers and sellers
Economic Growth
Economic Equity
Economic Freedom
Economic Efficiency
17
Anyone successful enough to have a family fortune shouldn't have inheritance taxed
Economic Efficiency
Economic Freedom
Economic Equity
Economic Growth
18
What do we consider capital?
ideas and organization behind production
equipment and materials
human skill and effort
natural resources
19
What is scarcity?
The next best alternative given up when making a decision
The point at which supply and demand are in perfect balance
Wants being unlimited and while the resources are limited
All of the above
20
Which broad social goals do command economies promote?
Economic Equity
Economic Growth
Economic Security
Economic Freedom

Econ Unit 1 Review: BSG and Economic Systems Flashcards | StudBud