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Economics Unit 1 Review Flashcards | StudBud
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Economics Unit 1 Review
Economics Unit 1 Review
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Economics basics review
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
Economics is . . .
study of how people trade across oceans
study of how people satisfy wants with scarce resources
study of how people make as much money as possible
study of how people interact in the business world
2
The best Jonas Brother is
Kevin
Joe
Nick
Frankie (it's not Frankie, sorry)
3
True or false? China is a communist society.
TRUE
FALSE
4
Theresa started her own pet store because she loves animals. This is characteristic of . . .
traditional economies
market economies
command economies
mixed economies
5
Is credited with the idea of a communist society
Karl Marx
Mao Tse Tung
Isaac Newton
Adam Smith
6
Conserving and protecting fresh water sources is important because . . .
water can only be regenerated on Mars
fish like fresh water better
eventually we'll run out of bottles to put it in
water is a scarce resource
7
All natural resources are classified as . . .
MOTHER EARTH
CAPITAL
LABOR
LAND
8
When buyers and sellers freely and willingly engage in transactions we have . . .
voluntary exchange
bartering
marketplace boogie
market interaction
9
Frank is going to be a garbage man because government says so. This is characteristic of . . .
traditional economies
mixed economies
command economies
market economies
10
All the alternatives given up when one makes a final decision
losers
options
trade-offs
opportunity cost
11
A good intended to last 3 or more years
consumer good
capital good
durable good
good good
12
Working hard because you want to make more money
entrepreneurism
private property
profit motive
corruption
13
Using state owned and provided resources to produce goods is characteristic of . . .
mixed economies
market economies
traditional economies
command economies
14
Using resources to complete a task quickly and without waste is . . .
economic freedom
economic efficiency
economic equity
economic security
15
Which of the following is a service?
pedicure
BMW X5
Microsoft Word software
Yeti cooler
16
Which is NOT part of the government's role in the American economy?
Consumer
Dictator
Provider
Protector
17
Which is not an essential economic question?
For whom to produce
How to produce it
How to ensure we get paid
What to produce
18
Man made tools, equipment and factories used to produce other goods and services
CAPITAL
LAND
LABOR
ENTREPRENEURSHIP
19
Holds the power in the American free enterprise economy
entrepreneurs
Donald Trump
government
consumers
20
Individuals owning private property is characteristic of . . .
market economies
command economies
traditional economies
mixed economies
21
The struggle among sellers to attract consumers
elections
competition
rat race
capitalism
22
Work that is performed for someone else for pay
good
servable good
service
tranference
23
The economist who wrote about CAPITALISM
Karl Marx
Isaac Newton
Freidrich Engels
Adam Smith
24
Juan is going to be a carpenter because his dad is a carpenter. This is characteristic of . . .
traditional economies
command economies
market economies
mixed economies
25
The American economy can be
best
described as . . .
mixed socialism
pure market
free enterprise
communist
26
Which of the following is a NEED?
money
car
groceries
cell phone
