The four types of economic systems are:

Traditional, Command, Mixed, & Market

Traditional, Command, Combined, & Market

Communism, Capitalism, Free Market, and Macroeconomics

Microeconomics, Macroeconomics, Individual, and Traditional.

What are the 3 economic questions?

What to produce? How To Produce? For whom to produce?

Who to produce? Why you produce? Like to produce?

Why to produce? Tell who to produce? Things to produce?

What to produce? How to produce? When to produce?

Economics growth is often tied to investment in machinery, new technology, and education of the population. This is because

these items lead to a greater productivity of inputs

the only way to measure economics growth is to observe changes in these factors

investment in these items are the sole determinant of output

all of these items improve capital

In what way does specialization increase productivity?

Specialization reduces the costs of production

Specialization reduces scarcity

Specialization increases the demand for a product

Specialized workers are generally more highly educated

When the government breaks up monopolies and tries to address shortages or surpluses, they are serving the role of

protecting private property rights

Which of these is a correct description for one of the ways in which a command economy differs from a market economy?

In a command economy, individuals have less economic freedom.

Market economies discourage free enterprise.

In a market economy, the government sets prices.

Command economies tend to have a higher per capita GDP

In the US, if a company does not follow environmental regulations and over-pollutes, they will probably have to pay a fine. Why does the US government force certain industries to comply with environmental regulations?

To make sure companies bear the cost of their own pollution.

To reduce the cost of goods for consumers.

To reduce barriers to entry in the industry.

To make sure that no company can develop into a monopoly.

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods

the opportunity one has to give up in order to gain something else

land, labor, capital, entrepreneurs

What is opportunity cost?

the opportunity one has to give up in order to gain something else

a graph that shows how much an economy can produce between 2 goods

land, labor, capital, entrepreneurs

What do points inside the PPF indicate?

The combination of goods that do not employ resources fully

The combination of goods that employ goods efficiently

The combination of goods that employ resources fully

What does point B represent?

Production at greater than the country's minimum potential

Production is less than the country's minimum potential

Unit 1 Review

Authored by Kurtis Doehrman

Other, Social Studies

12th Grade

CCSS covered

Used 70+ times

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53 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Individuals who come up with a new idea for a good or service, then they make it a reality

resource

human resources

consumer

entrepreneur

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something we use from nature

natural resource

human resource

capital resource

entrepreneur

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The idea that resources are limited; we don't have an unlimited supply of what we want

scarcity

supply

demand

inflation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a need?

Crayons

Video Games

Basketballs

Houses

If video games are not a need, what are they?

a wish

a dream

a want

a necessity

Human-made materials used to produce goods and services.

capital

land

labor

entrepreneur

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy where the government controls the factors of production resources.

command

market

capitalism

mixed

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Unit 1 Review

Individuals who come up with a new idea for a good or service, then they make it a reality

Something we use from nature

The idea that resources are limited; we don't have an unlimited supply of what we want

Which of the following is a need?

If video games are not a need, what are they?

Human-made materials used to produce goods and services.

An economy where the government controls the factors of production resources.

how resources are used to meet peoples wants and needs

The talents and skills of human beings used to create goods is an example of which Factor of Production?

the value of the second-best choice that is given up when a decision is made

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