Unit 6/7 Economics Flashcards

1
Q

What is the study of Economics

A

The study of how people use limited resources in the market place

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

what is scarcity

A

lack of a resource

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

what is choice

A

selecting an item or action from a set of alternatives

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

what is the marketplace

A

where goods and services are bought and sold

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

what is opportunity cost

A

what is given up when a choice is made

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

what is a natural rescource

A

found in nature

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

what is a human resource

A

provide the labor (people who make stuff)

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

what is capital resources

A

things owned by the business

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

what is entrepreneurship resource

A

people who take the risk to start a business

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

what is production

A

creating a good or service

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

what is consumption

A

the purchasing of a good or service

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

in a traditional economy decisions are based on what

A

tradition and custom

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

in a free market economy decisions are made by whom

A

individuals and business owners

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

in free market economy business make decisions based off what

A

profit (making money)

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

in a free market economy what helps to create better products at lower prices

A

competition

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

what is consumer sovereignty

A

control is in the hands of the consumer (the buyer)

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

in a command economy who makes decisions

A

government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

in which economic system has the least amount of consumer choice

A

command economy (communism)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

in a mixed economy when can the government intervene in business

A

benefits outweigh the potential cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what is private property

A

when businesses and individuals can own land and buildings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what is supply

A

the amount of a good or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what is demand

A

the amount consumers are willing to buy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what does the interaction of supply and demand determine

24
Q

what is equilibrium price

A

the price where demand and supply meet

25
what is proprietorship
one owner taking all the risk and profits
26
what is a partnership
two or more owners share the risk and profits
27
corporation
business that is a legal person
28
which economic system has some private and some public (government) decision making
mixed
29
is a free market economy private or public?
private
30
Is a command economy private or public?
public
31
what is circular flow
when goods and services flow in one direction and money flows in the other direction
32
in circular flow, what are "households"
the consumer
33
in circular flow, what resources do "households" (consumers) have
labor, money, land
34
in circular flow, what do businesses use resources for
to make goods and services
35
in circular flow, what does the government use taxes from consumers and businesses for
public goods and services (roads)
36
who issues currency
the government
37
what is money
anything that can be used for payment or exchange
38
what are private financial institutions
banks and credit unions
39
how does the government get funds or goods and services
taxes, borrowed funds, fees, fines
40
what is income tax?
government tax on money your earn
41
what are the two types of state taxes
income and sales tax
42
what does the Consumer Safety Product Commission (CPSC) do
test and make sure products are safe to buy
43
what does the food and drug administration (FDA) do
make sure food and legal drugs are safe
44
what government agency defines safety procedures for the workplace
OSHA (Occupational Safety and Health Administration)
45
what government agency protects hiring practices from discrimination
equal opportunity employment commissions (EOEC)
46
what government agency protects the environment
environmental protection agency (EPA)
47
what is a monopoly
one business controls the production and distribution of one product
48
what is antitrust legislation
are laws that discourage monopolies
49
why is international trade beneficial to the US economy
1. Increase our wealth 2. obtain goods 3. lower our costs 4. sell to other countries 5. create jobs
50
what is the benefit of advances in technology to the economy
lower the cost of production
51
what does the federal communication commision do
regulate TV, radio, etc... communications
52
what does the security exchange commision do
protect investors
53
what does the federal trade commision do
protect consumers from false advertising
54
what does the federal reserve system (The Fed)
regulate banks
55