Unit 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What are 5 factors of production? | Natural resources, human resources, capital resources, entrepreneurship, and technology
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| What are capital goods? | the buildings, structures, machinery, and tools used in the production process
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| Who are the "decision makers" in a capitalistic economy? | producers and consumers
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| A natural resource is a factor of production only when it is... | scarce
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| What is productivity? | level of input produces how much output
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| What is efficiency? | less input that produces the most output
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| Whose ideas were adopted by Henry Ford to create the first industrial assembly line? | Eli Whitney
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| What is microeconomics? | choices made by individuals, companies, regions (producers/consumers)
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| What is macroeconomics? | the study on entires economies
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| What are 2 types of human resources? | physical and mental labor
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| What are 2 types of capital resources? | money and capital goods
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| What are 2 types of goods? | Consumer and capital
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| What does laissez Faire mean? | "hands off" or to let alone. Adam Smith wrote a book about this because he believe the government should leave the economy alone
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| What is automation? | Replacing humans with machines
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| What does the government interfere with in our economy? | Regulation and subsidizing
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| Who created the idea of mercantilism? | Thomas Colbert
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| Where was the first Walmart? | Arkansas
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| What are 3 mediums of exchange? | money, barter, and credit
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| How do you describe economics in one word? | choice
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| What is a production possibilities curve? | all the possible combinations of 2 goods/ services that can be produced within a stated time period
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| What are the 2 assumptions that have to be assumed in a production possibilities curve? | 1) Resources and technology will remain constant
2) production is at maximum efficiency
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| What is a commodity? | a standard set of money that has worth in itself (gold coins)
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| When was the last time silver was actually used in a quarter? | 1964
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| What is value based on? | its utility and its scarcity
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| What are 3 credit bureaus that monitor credit/ credit report? | Equifax, Experion, Trans Union
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| What is a numismatist? | another word for a coin collector
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| Who were the first people to use money? | The Lydians
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| What is mercantilism? | The goal of having a country be totally self sufficient. Have colonies to serve as your source of raw material
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| What book did Adam Smith write? | "The Wealth of Nations" (1776)
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| What are 3 basic economic questions? | 1) What to produce?
2) How to produce?
3) From who to produce?
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| Who was the economist behind FDR: spend more than you have? | John M. Keynes
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| What is economics? | the study of the choices made by producers/consumers to fulfill needs and wants
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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