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Economic Unit 1
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| Question | Answer |
|---|---|
| Define economics: | the study of human efforts to satisfy unlimited wants with limited resources. |
| Define scarcity: | not enough resources to provide all the things people want. |
| What type of things are not scarce? | salt water, air, sunlight, and pollution |
| If you decide to get an after school job, what is your opportunity cost? | sports, sleep, studying, and free time |
| Identify the factors of production in the making of furniture: | N- wood C- tool L- carpenter |
| Identify what each group in the circular flow of economic activity provides and receives: | G(overnment)- provides goods/ services; receives taxes H(ouseholds)- provides resources (labor); receives income B(usinesses)- provides products; receives resources F(inancial Institutions)-provides financial capital loans; receives financial capital |
| Give an example of a want___ verses a need_____. | steak; food |
| Give an example of a good_____ verses a service_____. | phone; haircut |
| Give an example of a durable good____ verses a non-durable good___. | car; shirt |
| Give an example of a public good/ service____ verses a private gds/svs___. | roads; restaurants |
| In a mixed economy, economic decisions are made by_______. | households, businesses, & government |
| In a command economy, economic decisions are made by____. | the government. |
| In a market economy, economic decisions are made by_____. | households & businesses |
| How are the basic economic questions answered in a traditional economy? | rituals, habits, & customs |
| What are characteristics of a traditional economy? | individuals know their role |
| Define consumer sovereignty: | consumers decide what goods/ services are produced by what they buy |
| What are characteristics of a market economy: | capitalism, free enterprise, private property, economic freedom, entrepreneurship, and competition |
| The economic philosopher who had a big influence on the market economies of the 19th century was___ His philosophy laissez faire means____. HIs philosophy invisible hand means____. | Adam Smith; no government intervention; competition guides scarce resources to their most productive use |
| Give two examples of the government's role in a mixed economy___. | market protector & market provider |
| What are the characteristics of a command economy: | no competition, no incentives, no profit, no choices |
| In an ideal communist county everyone would be___. | equal |
| The closest place to a market economy is___, whereas the closest thing to communism was___. | Singapore; North Korea |
| In Japan, the government controls competition between businesses, the result is_____. | high cost of living |
| The economic philosopher who influenced the development of command economy in communist countries was____. | Karl Marx |
| Define privatization: | converting state owned businesses to private ownership |
| Define entrepreneur: | risk-taker with an idea in search of a profit |
| An example of a former Socialist country that converted to capitalism is____, whereas a former command economy converting to capitalism is___. | Sweden; China |
| The ability of households and businesses to make decisions about employment and production is the economic goal of ___. | economic freedom |
| Laws preventing false advertising fulfill which economic goal? | economic equity |
| The U.S. population recently reached 300 million. The U.S. economy will need to insure there are enough goods and services to meet the needs of our growing population. Which economic goal applies? _____ | economic growth |
| Which economic goals aims not to waste resources? | economic efficiency |
| Which economic goal insures citizens are protected from adverse economic events such as unemployment and disability? | economic security |
| When the government made it illegal for employers to discriminate on the basis of age, race, or sex they fulfilled the goal of ___________. | economic equity |
| Contrast a positive and negative externality: | a negative externality harms you while a positive externality benefits you |
| Why does the government have to provide certain goods and services? | businesses produce only items they can with hold if people refuse to pay. |
| If a product does not do what it says it does, what market failure applies? | inadequate info |
| When a large factory closes in a small town, which market failure will the government need to correct for? | resource immobility |
| Government ________________ oversee the way companies do business | regulation |
| Contrast anti-trust and public disclosure laws. | anti-trust- prevents competition public disclosure- information made know to public |
| Major anti-trust legislation includes _____ and _____. | Sherman Act; Clayton Act |
| A law that prevents businesses from getting together to set prices would be an_______ law, whereas a law requiring fabric information on t-shirts is a ____. | anti-trust; public disclosure |
| Which government regulatory agency would intervene if businesses were getting together to set prices? | FTC |
| Which market failure is the above trying to correct? | inadequate info |
| Which government regulatory agency intervened when people were getting sick from eating peanut butter? | FDA |
| Which government regulatory agency intervened when there were 3 plane crashes in 1 month? | FAA |
Created by:
CheyenneW