Econ
The study of how people seek to satisfy their needs and wants by making choices
Economics
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Economy
A person, business, or country has a ____________________________ if they can produce a good or service at a lower opportunity cost than others.
Comparative Advantage
Which of the following is NOT considered a factor of production?
a) Land
b) Labor
c) Money
d) Capital
C money
What is the largest organ in the human body?
Skin
Which of the following is a defining feature of an oligopoly?
A. Many small firms producing identical goods
B. A single seller dominating the market
C. A few large firms that are interdependent
D. No barriers to entry
C. A few large firms that are interdependent
the study of how households and firms make decisions and how they interact in markets
microeconomics
an economic system combining private and public enterprise.
Mixed Economy
A person, business, or country has an ______________________ if they can produce more of a good or service using the same amount of resources as others.
Absolute Advantage
Which factor of production refers to natural resources such as minerals, water, and forests?
a) Capital
b) Entrepreneurship
c) Labor
d) Land
d) Land
What country gifted the Statue of Liberty to the U.S.?
France
In a monopoly, what is the primary reason a firm can control the price of its product?
A. There are no barriers to entry for other firms.
B. It produces goods that are identical to competitors'.
C. It is the sole seller of a unique product with no close substitutes.
D. There are many competitors offering the same product.
C. It is the sole seller of a unique product with no close substitutes.
the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
macroeconomics
An economic system based upon the fundamentals of private property, freedom, self-interest, and prices
Market Economy
________________in economics means focusing on a specific task, job, or product to become more efficient and productive. Instead of trying to do everything, individuals, businesses, and countries concentrate on what they do best.
Specialization
Which factor of production includes human effort, skills, and abilities used to produce goods and services?
a) Capital
b) Labor
c) Land
d) Entrepreneurship
b) Labor
What is the chemical symbol for gold?
Au
What type of market structure is most likely to involve collusion among firms?
A. Perfect Competition
B. Monopoly
C. Oligopoly
D. Monopolistic Competition
C. Oligopoly
A situation in which unlimited wants exceed the limited resources available to fulfill those wants
Scarcity
A system in which society, usually in the form of the government, owns and controls the means of production.
Socialism
Which of the following is an advantage of specialization?
a) Decreased efficiency
b) Lower productivity
c) Higher opportunity cost
d) Increased expertise
d) Increased expertise
Machines, tools, and buildings used in the production process fall under which factor of production?
a) Land
b) Labor
c) Capital
d) Entrepreneurship
c) Capital
What country gifted the Statue of Liberty to the U.S.?
2007
In which market structure do firms compete by differentiating their products rather than focusing solely on price?
A. Perfect Competition
B. Monopoly
C. Oligopoly
D. Monopolistic Competition
D. Monopolistic Competition
Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Opportunity Cost
A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.
Communism
Specialization leads to:
a) Lower interdependence among economies
b) The need for trade between individuals or nations
c) A decrease in comparative advantage
d) Self-sufficiency of an economy
b) The need for trade between individuals or nations
What does the entrepreneurship factor of production primarily involve?
a) The creation and management of businesses
b) The physical work done by employees
c) The use of machinery and technology
d) The extraction of natural resources
a) The creation and management of businesses
How many elements are there in the periodic table?
118
Which market structure is characterized by a large number of firms producing identical products?
A. Monopoly
B. Oligopoly
C. Perfect Competition
D. Monopolistic Competition
C. Perfect Competition