Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
ECONOMICS FINAL YAY
| Question | Answer |
|---|---|
| Define economics | The study of production, distribution and consumption of goods and services |
| What is an economic system? | The way a society organizes the way they produce, distribute and consume goods and services |
| What are the 3 +1 factors of production? | Land (materials), Labour (physical and mental work), Capitol (money), entrepreneurship (risk taking for a profit) |
| What is a frequent problem in economics? | Scarcity, which is Unlimited wants, Limited resources |
| What 3 questions do societies ask themselves to best distribute the product? | What will be produced? How will it be produced? Who will get it? |
| Depending on the way a society answers these questions determines there economic system. The three economic systems are...? | Planned Economy- Public ownership and government makes all decisions Mixed Economy- publicly and privately ownership and decisions are made by government and individuals Market Economy- Resources ownership, individuals make economic decisions |
| What is public good? | Whats best for society as a whole |
| What is the main difference between a market and mixed economy? | A market economy believes in individualism where as a mixed economy believes in cooperation |
| A shift left government implements...? | More taxes, increased social programs and more government |
| A shift right government means...? | Fewer taxes, less social programs and decreased government involvement |
| What are crown corporations? | Large companies owned and operated by the government which provide an essential service |
| Who are producers? | People who create products and services |
| Who are consumers? | The people who buy these products and services |
| What is a price equilibrium? | When producers sell a product making a profit but the consumer feel like they are getting a bargain (fair price) |
| What is competition? | The rivalry between producers to sell products to consumers |
| What is the opposite of competition? | A monopoly, which means there is only one seller that sets whatever price they want |
| What are labour unions? | They are organizations that represent the needs for workers, such as fair wages, adequate benefits etc |
| What are 5 things that influence consumers? | Identity, Health/Safety, Jobs, Environment and Marketing |
| What is a boycott? | If a consumer doesn't like a particular product or company, they stop buying it until a change is made |
| What is a GPD (Gross Domestic Product) | When all the money are assets are added up in a country and divided by the number of people who lives there |
| what are social programs? How are they paid for? | Services provided by the government to reduce the economic inequalities and promote the well-being of citizens. They are paid with tax dollars |
| Is health care free or charged for in a mixed economy? | It is paid for, because the government looks at it as a service everyone is entitled to rather than a business to make profit from (CALLED PUBLIC HEALTH CARE) |
| So in a market economy, health care is... | Private and charged for. It is run like a business and citizens pay monthly to health insurance to if they get sick, the insurance company covers the cost |
| What is income tax? | Tax that is taken off a pay cheque that goes directly to the government |
| What is sales tax? | Tax placed on a good and services that you purchase |
| What is tax evasion? | When people accept cash and don't tell the government about their income so they don't have to pay taxes. This kind of secret business is called underground economy of black market |
| Who in considered the founder of economics? What economic system did he promote? | Adam Smith, he promoted a market economy (capitalism) |
| What is a trust? | They allow businesses to make agreements to fix high prices on their goods and services |
| What are corporations | organizations that can own property and make contracts just as though it were an individual person. They are usually owned by a number of people who hold shares |
| What other 3 business ownerships are present on the US? | Single proprietorships, partnerships, franchise |
| In a planned economy, trade unions...? | Are controlled by the government and are used to encourage workers to meet their factories planned productions targets |
| In a market economy, unions...? | Controlled by wage earners and focus on gaining fair wages and good working conditions |
| What are 8 ad methods? | -Bandwagon (EVERYONES DOING IT) -Cute (AWWWWW) -Glittering (BEST, NEW, AWESOME) -Plain Folks (FOR EVERYONE) -Testimonials (I'M A FAMOUS PERSON AND IT REALLY WORKED!) -Cardstacking (9/10 people loved it!) -Sex Appeal (DAYUM) |
Created by:
XioJohnson
Popular Economics sets