Show:
Economics
Unit
1
Test
Review
100

land, labor, capital and entrepreneurs.

Factors of Production

100

system where a country focuses primarily on exports and minimizes imports

Mercantilism

100

9. Division of labor is a characteristic of

What assembly line production/specialization

100

Voluntary exchange is a characteristic of command economies (T/F)

false

100

24. The concept of voluntary exchange means

What is people freely and willingly engage in market transactions

200

Branch of study that focuses on individuals and household economic decisions

microeconomics

200

16. The purpose of government in a command economy is to

What is make major economic decisions

200

producing goods/services with reduced waste

efficiency

200
8.To arrive at an economic decision, a decision-making grid may be used to evaluate
What is alternative choices of action
200
31. One disadvantage of a ________economy is the high degree of uncertainty that businesses and workers face as the result of change
What is market
300
An example of a market economy is
What is the United States
300

When does Economic growth occur

when a nation's total output of goods and services increases over time

300

the next best alternative

opportunity cost

300
Manufactured goods needed to produce other goods and services are called
What is capital goods
300
22. A market economy
What is does not provide for everyone's basic needs
400

The paradox of value 

when some necessities have little value, while some non-necessities have a much higher value

400

The government's role in a mixed economy is that it is the

Provide Public Goods/Regulate Industries

400

The money used to buy the tools and equipment needed for production is known as

What is financial capital

400

32. A general rise in prices is called____________

What is inflation

400

An economy operating along the PPC

full potential/peak efficiency

500

the person who takes risk, who starts a business

entrepreneur

500
6. The situation in which some necessities have little value while some non-necessities have a much higher value is known as
What is paradox of value
500
20. The United States can best be described having
What is a modified private enterprise
500

Economic system where regulation of health, education, welfare, social services

Mixed Economy

500
19. What group of people ultimately determines the products that a free enterprise economy produces
What is consumers
600

Manufactured goods, used to produce other goods

Capital

600

Economics is the study of

Scarcity and management of limited resources

600

TINSTAAFL

There is no such thing as a free lunch/everything has a cost

600

An economy operating below the PPC

inefficiency

600

When resources used to produce one good can equally be used for another with minimal loss

Perfect adaptability

700

A good designed to last more than 3 years

Durable

700

Focusing on those tasks you are best suited to and trading for the rest

Comparative Advantage

700

All of your choices

Trade-Offs

700

3 Basic Question

What, How and For Whom to Produce

700

A graph designed to showcase tradeoffs, opportunity costs, efficiency, and productivity

PPC