Brainscape's Knowledge GenomeTM

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


See full index

civics > Econ Quiz 1 > Flashcards

Econ Quiz 1 Flashcards

know this stuff

1
Q

what is production

A

creating goods

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

what are resources

A

materials required for production

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

what is scarcity

A

inability to satisfy all wants

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

what is private property

A

Owned or provided by individuals or businesses.

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

what is public property

A

Owned or provided by government.

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

what is consumption

A

Using goods and services

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

what is consumer sovereignty

A

consumer is king

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

what is supply

A

amount of goods or services PRODUCERS are willing to MAKE and SELL at a given price

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

what is demand

A

amount of goods or services CONSUMERS are willing to BUY and USE at a given price

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

what is price

A

value of a good or service

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

what is competition

A

Rivalry between producers for consumers resulting in better quality goods and services at a lower price

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

what is profit

A

money earned by producers after all costs of producing a good or service has been paid

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

what is an economic system

A

An organized way in which a state or nation decides how much they’re gonna satisfy wants and needs

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

what is incentive

A

Something that motivates individuals to change economic behavior

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

what choices are made in production

A

what how and for whom to produce

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

what will influence producer choices

A

(Unlimited wants, limited resources) scarcity

17
Q

what choices are made in consumption

A

what and how much to consume

18
Q

what will influence consumer choices

A

price, preference

19
Q

What is opportunity cost

A

What is given up when making a choice

20
Q

how do producers respond when price changes

A

High price when selling more, low when selling less

21
Q

How do consumers respond when price changes?

A

High price buy less, low price buy more

22
Q

What determines price?

A

Supply and demand

23
Q

what price should a product be

A

where supply and demand meets

24
Q

what are the pros of proprietorship

A

Doesn’t have to share profit, can have own ideas

25
Q

what are the cons of proprietorship

A

Takes all the risks, will be responsible to pay debts alone if it fails

26
Q

what are the pros of partnership

A

Share risk and possible debt, more help with ideas and work

27
Q

what are the cons of partnership

A

Share profits, one person leaves then others have to pay their debt

28
Q

what are the pros of corporation

A

authorized by law to act as legal person regardless of # of owners, share risk with so many people, only lose what u invest cuz ur liability is limited to ur investments

29
Q

what are the cons of corporation

A

Limited ownership so limited power, have to share profits with so many people

30
Q

What are the 3 basic economic questions countries must answer?

A

What is being produced?
How will it be produced?
For whom will it be produced?

31
Q

Free Market characteristics

A

Individuals & Businesses, Profit - earnings made after expenses have been paid, Private - Individuals & Businesses, Supply & Demand, Many different choices due to competition, Consumer is King, No gov

32
Q

Command characteristics

A

Government, Providing for ALL citizens, Public - owned by gov, government, lack of choice, no consumer, economy is centrally planned 100% government

33
Q

Mixed Characteristics

A
  1. Gov (Public) 2. Individuals & Businesses (Private), Private-Profit Public-Protecting and providing for Public, Private&Public ownership, competition and/or gov, many different choices due to competition, Consumer is King, Protect private property rights by enforcing contracts and consumers rights w/ public health and safety regulations
34
Q

Traditional Characteristics

A

Decisions are based on customs and historical precedent (traditions). People often perform the same type of work as parents/grandparents, regardless of ability or potential.

35
Q

what are the types of resources

A

natural, entrepreneurial capital human

36
Q

most common economic system?

A

mixed

37
Q

US economic system

A

mixed leaning free

38
Q

What are the 5 characteristics of the US Economy?

A

Free Markets, Private Property, Consumer Sovereignty, Competition, Profit

civics (3 decks)

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