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ECONOMICS Pre-Test Flashcards | StudBud
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ECONOMICS Pre-Test
ECONOMICS Pre-Test
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Questions
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1
A basic requirement for survival is a...... (SSEF1)
Capital Goods
Need
Money
Trade
2
People with all their efforts, abilities, and skills. (excluding entrepreneurs). (SSEF1)
Professional Atheletes
Innovators
Labor
Entrepreneurs
3
Scarcity forces us to choose between. (SSEF1)
Apple vs. Android
Needs vs. Wants
Fundamental Economic Problem
MARTA vs. Car
4
Amazon is what type of business organization?
Partnership
Sole Proprietorship
Non-Profit Organization
Corporation
5
Where the supply and demand curve intersect is called the ___________?
Conflict Point
Division of Labor
Equilibrium
Y-Axis
6
Resources required to produce the things we would like to have. (SSEF3)
Minerals
Labor
Scarcity
Factors of Production
7
The study of how people try to satisfy unlimited wants with limited resources. (SSEF1)
Economics
Critical Thinking
Gross Domestic Product
Social Science
8
Monopolistic Competition is a type of ___________?
Economy
Market Structure
Federal Reserve
Labor Market
9
A risk-taker (innovator) in search of profits who does something new with existing resources. (SSEM1)
Labor
Entrepreneur
Thrill Seeker
Prediction
10
The tools, equipment, machinery, and factories used in the production of goods. (SSEM1)
Factors of Production
Labor
Capital
Land
11
Machine vs. Man is an example of...... (SSEF4)
WHEN to produce?
HOW to produce?
FOR WHOM to produce?
WHAT to produce?
12
A way of expressing a need.
Want
Economic Concept
Analysis
Labor
13
The dollar value of all goods produced within a country’s borders in a 12-month span. (SSEMA1)
Social Science
Factors of Production
Utility Bills
Gross Domestic Product (GDP)
14
The
means
by which a government adjusts its spending levels and tax rates.
Market Structure
Oligarchy
Fiscal Policy
Opportunity Cost
15
The 3 basic economic questions are? (SSEF1)
Who, How, and Where?
How, When, and What?
What, Where, and When?
What, How, and For Whom?
16
To discover why and how things work. (SSEF6)
Analysis
Explanation
Social Science
Prediction
17
The part of economics concerned with single factors and the effects of individual decisions.
Microeconomics
Marginal Utility
Macroeconomics
Personal Finance
18
Use analysis to project trends and consequences of economic decisions. (SSEF3)
Analysis
Entrepreneur
Prediction
Production
19
The total value of goods produced and services provided in a country during one year.
Specialization
Gross Domestic Product
Division of Labor
Economic Growth
20
Resources that are not created by humans. (SSEF1)
Capital Goods
Clouds
Labor
Land (Natural Resources)
21
Spending, saving, & investing is a part of __________.
Marginal Utility
Personal Finance
Business Cycle
Economic Structure
22
Economic transactions made between different countries is called _______?
International Trade
Global Economy
Supply & Demand
23
A study of the behavior of people. (SSEF1)
Social Science
Need
Psychology
Economics
24
What is the fundamental economic problem? (SSEF1)
Politicians
Opportunity Cost
Scarcity
Capital Goods
