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Economics: Basics and Systems Flashcards | StudBud
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Economics: Basics and Systems
Economics: Basics and Systems
20 terms
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StudBud Administration
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Economic basics and comparative economic systems .
Flashcards
20 cards
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Questions
20
Answers
1
In a traditional economy, how are economic decisions made?
government leaders
combination of consumers and producers
custom and habit
consumers and planners
2
What are needs?
Things that make our life better
Things that are important for survival
When demand for a good exceeds what producers can make
Something people desire but is not needed to survive
3
What is an entrepreneur?
business people who try not to take risks with their money
someone who is willing to take risks to begin a new business
someone who is always successful in whatever he attempts
people who enjoy saving all their money
4
Which type of economic system does the United States have?
mixed economy
free market economy
traditional economy
command economy
5
Three basic types of economic systems are:
Government, business, consumers
What and how to produce, who will get goods and services
Natural resources, labor, capital
Traditional, centrally planned economy, capitalism
6
What is the basic question(s) all economic systems try to answer?
How to produce it?
For whom to produce?
All of the above.
What to produce?
7
The most desirable alternative given up is:
opportunity cost
inflation
trade-off
cost benefit analysis
8
A trade-off is:
the option we give up when we choose one action over another
the extra cost of adding one unit
comparing what you will give up and gain from an action
the money a person makes
9
This is the knowledge and skills that is gained from education and experience.
Physical capital
Labor
Human capital
Land
10
An economic system in which private property is almost totally restricted is called:
Free enterprise
A centrally planned economy
A mixed economy
Competition
11
Things that are needed to produce goods and services are called
:
Economic systems
Factors of production
Efficient use of resources
Private property
12
Goods are:
Actions one person does for another
Physical objects that people buy
When limited services are available to meet people’s needs
Knowledge and skills gained from education and experience
13
Why are most modern economies referred to as mixed economies?
Poverty is always highest in countries with market economies
Govt planners don't know how to handle economic problems
Most countries are blends of all three economic types .
Products made by traditional economies are obsolete.
14
What is an economic problem every nation has?
Not enough resources.
Too much pollution.
The problem of meeting every one's needs.
Not enough population.
15
What is human capital?
taxes collected from a country’s workers
skills and education workers have
money paid to workers for producing goods
the amount of goods sold in foreign trade in a year
16
Which is an example of a natural resource
?
hydroelectric dam
factory
deposit of coal
irrigation canal
17
A centrally planned economy promotes:
Government ownership, competition, and no profit
Government ownership, profit, and no competition
Private property, profit, and competition
Government ownership, no competition, and no profit
18
Who makes the decisions in a Free Enterprise economy?
The government
Pets
Voters
The consumer and businesses
19
The promise of a reward or fear of a penalty:
Positive
Growth
Incentive
Negative
20
What are services?
Anything people use to make things
Something that is important to survive
Action a person does for another for pay
Physical objects that people buy
