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Economics Semester Review Part I Flashcards | StudBud
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Economics Semester Review Part I
Economics Semester Review Part I
20 terms
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StudBud Administration
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203 plays
Review of the semester's learning in my econ class
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Unlike western economic systems, indigenous systems are based on
gratitude for the abundance of Earth
ideas of an "invisible hand" guiding economic activities
outdated ideas of humans' place in the cosmos
scarcity and the need to work in self-interest
2
A married couple I knew both owned their own businesses and lived very well; the derived income
in the form of interest
in the form of rents
in the form of profit
in the form of wages
3
The fact that each additional unit becomes less desirable than the one before it is called
the law of supply and demand
the law of diminishing marginal utility
the law of perpetual denigration
the law of decreasing gratitude
4
Economics is the study of:
money and banking and their micro/macro impacts on society
how goods/services are produced in a nation's markets
how resources are distributed throughout a society
how money is controlled and used in society
5
Whether we focus on renewable enegies or fossil fuels is a question relating to
why we produce something
what to produce
for whom we produce something
how to produce something
6
Every good or service that is produced uses some combination of:
electrical energy, chemical compounds and money
capital goods, durable goods, and consumer goods
all answers are correct
the four factors of production
7
The personal savings and business loan used to open a business represent this FOP
capital
land
entrepreneurship
labor
8
Should we frack for oil, do off-shore drilling or drill on public land is a question of
what to produce
how to produce it
why we produce it
whom we produce it for
9
Marginal utility is used as a means of making decisions and refers to the
desirability of each additional unit
desirability of the combined total of all units
desirability of 1 unit of one good compared to 1 of another
desirability of the 1st unit compared to the last
10
Economies that are planned and dominated by government's economci decisions are
market economies
traditional economies
command economies
mixed economies
11
Most Americans' income comes primarily from this FOP
labor
land
entrepreneurship
capital
12
Should college be available free to everyone, or only to those who can afford it answers
what we should produce
how we should produce it
why we should produce it
whom we should produce it for
13
Water (a necessity) is inexpensive while diamonds are very expensive illiustrating
the paradox of value
derivative valuation
the insanity of free markets
"the warp" of the market
14
Because everyone has different preferences, every decision involves different:
opportunity costs
dollar values
capitalization
utilities
15
The basic problem of economics is:
how to make markets more efficient
that people desire more goods/services than can be produced
how to minimize cost and maximize utility
What and how to produce things, and for whom
16
The skill set needed to successfully run a business is this FOP
labor
entrepreneurhship
captial
land
17
A wealthy man I know in El Paso derives most of his income from rents gernerated by this FOP
entreprenuership
land
labor
capital
18
Economic systems which distribute resources based on customs and rituals of sustainability are
market economies
traditional economies
mixed economies
command economies
19
Though scientific in it's study, societies make their economic decisions based on:
statistical data
emotion
societal values
effective advertizing
20
When money makes money it is generating this kind of income
rent
wages
profit
interest
