Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Abeka Economics > Chapters 1-3 Review > Flashcards

Chapters 1-3 Review Flashcards

1
Q

Who used his resources wisely to make gunpowder for President Jefferson?

A

E.I. du Pont

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

separating work into individualized tasks, an idea stressed by Adam Smith

A

division of labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

the difference in value of goods that a country sells abroad compared to those it purchases from other countries

A

purchasing balance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The value associated with any good is directly related to what two tings?

A

scarcity and utility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What type of economy is directed by govenrment?

A

command economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A __ economy provides barely enough to keep a society alive

A

subsistence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What do some economists list as a fifth factor of production?

A

information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

seeks to show the relationship among the various components of an economy

A

economic model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

According to economists, the factors of production are ___

A

scarce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

an intangible item for which people expect to pay

A

service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What happens to the prosperity of a national economy when the country finds way to produce more goods from existing resources?

A

the prosperity increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Who was the founder of the Austrian school of economics?

A

Car Menger

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

economic system that aimed to accumulate stockpiles of gold and silver

A

mercantilism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Diligent work directed by ingenious intelligence allowed to develop under conditions of freedom is the true source of what?

A

prosperity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Who is the person that risks his investment of time and money in the management of an economic enterprise?

A

entrepreneur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

a system in which the government controls most of the capital

A

state capitalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The prosperity and efficiency of the free market economy is owed to what three things?

A

foundation of limited government; freedom of enterprise and competition; and property rights

18
Q

The study of the choices that individuals and societies make concerning what three activities involving goods?

A

production, distribution, and consumption

19
Q

an item produces for direct use by consumers

A

consumer good

20
Q

__ power does not generate greenhouse gases but has significant disposal problems

A

nuclear

21
Q

What are the four factors of production?

A

natural resources, labor, capital, entrepreneurship

22
Q

The study of specific components within a major economy

A

microeconomics

23
Q

What type of economy is directed by customs and habits?

A

traditional economy

24
Q

the establishment of colonies to benefit a mother country

A

imperialism

25
Q

material items for which people expect to pay

A

goods

26
Q

Name some factors for economic growth

A

efficiency, full employment, economic stability

27
Q

the study of national economics

A

macroeconomics

28
Q

the worth that consumers attach to a good?

A

value

29
Q

seek economic growth and stability rather than full employment

A

Conservatives

30
Q

All people are said to be ___, or people who use goods.

A

consumers

31
Q

What are the two entities that make the majority of the economic decisions in the free market?

A

private households and private businesses

32
Q

the amount of a good that is bought at a certain price under certain conditions

A

demand

33
Q

What term refers to a person that owns a share of some business that produces goods?

A

capitalist

34
Q

Who was the French group of 18th-century economists who believed the market should be guided by “the rule of nature”?

A

physiocrats

35
Q

a tool or resource used to produce or distribute goods; a good that is not produced for direct use by end consumers

A

capital

36
Q

What French phrase, often connected with economics, means “let things alone”?

A

laissez-faire

37
Q

What type of economy is directed by an “invisible hand”?

A

free market economy

38
Q

What are taxes that governments apply only to imported goods?

A

tariffs

39
Q

Who wrote The Wealth of Nations?

A

Adam Smith

40
Q

refers to the quantity of a good for sale at a certain price under certain conditions

A

supply

41
Q

What type of economy would a Communist-controlled country have?

A

command economy

42
Q

mechanism through which people exchange goods

A

market

Abeka Economics (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions