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Unit 8: Government and Economics Flashcards | StudBud
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Unit 8: Government and Economics
Unit 8: Government and Economics
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StudBud Administration
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A short but effective review of the VA SOL standards required of students to understand economics.
Flashcards
37 cards
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Questions
37
Answers
1
Factors of production that are used in the production of goods and services are called?
Resources
Incentives
Choices
Opportunity Cost
2
Which of the following is a question of economic systems?
How to move the product?
How will it be produced?
How to make it better?
How much to charge?
3
Consumers determine through purchases, what goods and services will be produced
Production
Competition
Private Property
Consumer Sovereignty
4
Rivalry between producers/sellers results in better quality goods and services at a lower price
Production
Consumer Sovereignty
Competition
Distrobution
5
The amount of money exchanged for a good or service is called?
Incentive
Price
Opportunity Cost
Choice
6
I am ready for this test?
Yes
HELP!!!!!!!
Need to Study
No
7
a form of business that is authorized by law to act as a legal person regardless of owners.
partnership
monopoly
proprietorship
corporation
8
The combining of land, labor, capital, and entrepreneurship to make goods or provide services ?
distribution
production
resources
consumption
9
The use of goods and services. Consumer preferences and price determine what is purchased?
Production
Resources
Consumption
Distribution
10
Individuals and businesses are decisions makers for private, government decides public, common?
Free Market
Command
Mixed
Traditional
11
The amount of a good or service that consumers are willing and able to buy?
Want
Supply
Need
Demand
12
When you give up something in order to get something else, you have made an ?
Choice
Opportunity Cost
Incentive
Demand
13
Which if the following is an example of an incentive?
all of the above
Cyber Monday
Buy One Get One Free
Black Friday
14
Jobs are passed down from family member to family member, historically based describes?
Command
Free Market
Mixed
Traditional
15
Central ownership of property/resources, centrally planned economy, lack of consumer choice ?
Traditional
Free Market
Mixed
Command
16
What does this image represent?
The flow of people in the government
The flow of jobs in an economy
The flow of money and resources in an economy
The flow of government aid in an economy
17
the degree of availability of an item?
Supply
Demand
Want
Need
18
Private ownership, profit, competition, individual choice, & consumer sovereignty describe ?
Mixed
Free Market
Command
Traditional
19
Which of the following is not a question of economic systems?
What will be produced?
How will it be produced?
How much to charge?
For whom will it be produced?
20
Earnings after all expenses have been paid?
Stock
Price
Demand
Profit
21
a form of business organization with one owner who takes all the risks and all profits.
corporation
monopoly
proprietorship
partnership
22
If the price is decreased, the law of supply states supply will?
decrease
increase
23
If the price is increased, the law of demand states that demand will ?
decrease
increase
24
What determines price through their interaction?
Supply and Demand
Opportunity Cost
Wants vs Needs
Price
25
Why do nations and states trade?
create jobs
obtain goods and services
all the above
low opportunity cost
26
What type of economy is the United States?
Mixed
Free Market
Command
Traditional
27
If the price is increased, the law of supply states that supply will?
increase
decrease
28
Individuals and businesses have the right to own personal property as the means of production?
Competition
Private Property
Consumer Sovereignty
Command Economy
29
The inability to satisfy all wants at the same time is called?
Scarcity
Demand
Choice
Suppy
30
a form of business organization with two or more owners who share all risks and profits
corporation
proprietorship
monopoly
partnership
31
If the price is decreased, the law of demand states the demand will?
decrease
increase
32
A person who takes a risk to produce goods and services in search of a profit
Competition
Corporation
Consumer Sovereignty
Entrepreneur
33
Which of the following is not a factor of production?
Price
Natural (Land)
Capital
Human (Labor)
34
Private financial institutions help facilitate an exchange of money between savers and borrows
True
False
35
Allowed to operate without undue interference from the government?
Mixed
Command
Traditional
Free Markets
36
How does technology impact the economy?
lower production cost
ability to work globally
all the above
global flow of information
37
The basic economic problem facing society is that we have __?__ wants and __?__ resources.
unlimited/limited
unlimited/unlimited
limited/limited
limited/unlimited
