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Econ > Unit 1 Test Review > Flashcards

Unit 1 Test Review Flashcards

1
Q

What is it called when there is not enough resources to produce all the things people want?

A

Scarcity

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2
Q

What do we call a basic need for survival?

A

Needs

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3
Q

What is a way of expressing a desire?

A

Wants

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4
Q

What is a physical object that is bought and sold?

A

Goods

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5
Q

What is an action or activity that one person performs for another?

A

Service

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6
Q

The factor of production that accounts for a nation’s natural resources.

A

Land

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7
Q

The effort that a person devotes to a task that a person is paid.

A

Labor

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8
Q

The human-made resources used to produce other G & S.

A

Capital

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9
Q

Organizes all the factors of production to create a business.

A

Entrepreneur

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10
Q

What is the making of alternative choices called in economics?

A

Trade-offs

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11
Q

What is the next best alternative use of time, money, or resources called?

A

Opportunity cost

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12
Q

The idea of how much time, money or resources we use in decision making.

A

Thinking at the margin

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13
Q

What does a production possibility curve show us?

A

Growth, Efficiency, Costs

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14
Q

The idea that there is no such thing as free lunch deals with which of the following concepts?

A

Scarcity

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15
Q

Which of the following is not one of the 3 economic questions?

A

Where to produce?

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16
Q

Transitioning from human workers to robots is an example of which of the following?

A

How to produce?

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17
Q

The concept that society attempts to maximize its use of scarce resources.

A

Economic efficiency

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18
Q

The assembly line is an example of which of the following?

A

Economic Growth & Innovation

19
Q

The idea that “you can be whatever you want to be” is an example of which of the following?

A

Economic Freedom

20
Q

Minimum wage is an example of which of the following concepts?

A

Economic Equity

21
Q

The government controls the factors of production in what type of economy?

A

Centrally planned economy

22
Q

The economic system where the gov. controls major industries & redistributes wealth.

A

socialism

23
Q

The economic system where individuals control the factors of production & make economic choices.

A

capitalism

24
Q

The economic system where the government control all economic and political power.

A

communism

25
Q

Which of the following characteristics are not apart of modern economics?

A

Laissez-faire economics

26
Q

What type of economic system does America have?

A

Free Enterprise System

27
Q

What Amendment of the Constitution allows the government to tax income?

A

16th Amendment

28
Q

What is the force that encourages people to improve their material well-being?

A

Profit Motive

29
Q

What is the role of the consumer in the marketplace?

A

To buy goods & services
Determine what is produced
Determine how much to produce

30
Q

What is the negative effect of government regulation? 2 answers

A

Costs consumers
Costs producers

31
Q

What two ways does the government interfere in the marketplace?

A

Educate consumers
Protect health, welfare, & safety of consumers

32
Q

What is the private ownership of land, capital & labor based on the interaction of supply & demand?

A

Market Economy

33
Q

An economy based on ritual, habit or custom.

A

Traditional Economy

34
Q

An economy where a central authority makes all economic decisions with limited private property

A

Command Economy

35
Q

Which of the following countries implemented “Perestroika” economic reform?

A

Russia

36
Q

Which of the following countries implemented “the Great Leap Forward” economic reform?

A

China

37
Q

Which economy has few incentives to do better?

A

Command Economy

38
Q

Which economy has high degree of consumer satisfaction?

A

Market Economy

39
Q

Which economy has small degree of government interference?

A

Market Economy

40
Q

Which economy produces low quality goods?

A

Command Economy

41
Q

Which economy has a large expensive bureaucracy?

A

Command Economy

42
Q

Which economy has privately owned businesses?

A

Market Economy

43
Q

Which economy has a high degree of individual freedom?

A

Market Economy

Econ (8 decks)

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