Economics unit 1 chapter 1-3 – Flashcards

Unlock all answers in this set

Unlock answers
question
Capital
answer
Any resources that are made by humans and used to create other goids and services are called what
question
Land
answer
The resources used to make all goods and services are the what
question
Shows alternative ways to use a economies resources
answer
The purpose of a production possibilities graph is to show...
question
Goods and services
answer
Any efficient economy is one that uses its resources to make the most blank and blank
question
Guns or butter
answer
The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is called what
question
Physical capital
answer
What is a factory building an example of
question
Competition
answer
What is the struggle among various producers for the consumers business called what
question
What goods and services should be produced? How of these goods and services be produced? Who consumes these goods and services?
answer
Name the three key economic questions
question
Efficient
answer
The process of specialization allows any economic to become more
question
Profit
answer
Making blank and sales is the incentuve motivates a manufacturr to sell a product
question
Adam Smith
answer
Who is perhaps the most important free market philosoheres?
question
Centrally planned economy
answer
An what kind of economy does the government make all decisions?
question
Interest groups
answer
Which of the following is a private organization that attempts to influence public officials to act in ways that will benefit the group members
question
Efficient
answer
What effects does new technology usually have on the economy
question
To protect from dangerous products
answer
Why does the government required businesses to disclose so many information to the public?
question
Elderly disabled retirement
answer
Name three groups of benefit from Social Security
question
pre-writers
answer
A person who consumes a good or service but does not pay for it is called what
question
Opportunity cost
answer
What is the term for the most desirable alternative given up on people chose one course of action over another
question
Services
answer
What is the term for actions or activities that one person performs for one another?
question
Goods
answer
What is the term for physical objects that can be exchanged?
question
Sorted
answer
What is a time for a temporary lack of one or more goods
question
Safety
answer
Government programs to protect people experiencing unfavorable Economic conditions are called what?
question
Socialism
answer
The Philosiohy based on the belief that democratic means should be used to distribute wealth evenly throughout the society is called
question
Welfare
answer
What is the term for government aid to the poor?
question
Businesses
answer
What is the term for the study of economic behavior destination making of small units such as families individuals or businesses
question
Interest groups
answer
What is the time for private organization that tries to persuade public officials in a certain way
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New