Module 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 is economics? | The study of how people use limited resources to fulfill unlimited needs
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| What is an entrepreneur? | Business owner/Organizer of the factors of production
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| What are the factors of production? | Land, Labor, Capital
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| What is labor? | Actions, work, or activities people do to produce a good or service
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| What is capital? | Any human made resource that is used in the production of a good or service
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| What is human capital? | Knowledge and skills a worker gains through education and experience
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| Why do trade-offs have to be made? | Scarce resources
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| What is the basic problem of economics? | Scarcity
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| What is the existence of limited resources? | Scarcity
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| What is classic example of a trade-off that all countries must make? | Guns v. Butter
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| What is the graph used to illustrate the impact of scarcity on an economy | A Production Possibilities Curve
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| What is opportunity cost? | The most desirable alternative given up a result of a decision
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| In which economic system are clearly defined and enforced property rights essential? | Market Economy
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| In which economic system are decisions based on long held customs and beliefs? | Traditional Economy
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| In which type of economy system are all decisions made by the government? | Command Economy (centrally planned economy)
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| Which economic system combines elements of more than one type? | Mixed Economy
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| In which economic system is there no private property rights? | Communism
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| What are the three big questions answered by economic systems? | What should be produced? How should it be produced? For whom should it be produced?
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| Which economist believed that if everyone did what was best for themselves (self-interest) everyone would be better off? | Adam Smith
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| Who wrote the Communist Manifesto? | Karl Marx
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| Who wrote about population growth? | Thomas Malthus
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| Who was so influential that they had a school of economics named after them? | John Keynes
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| Who was philosophically opposed to John Keynes? | Hayek
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| What is profit-motive? | Key incentive which drives people to improve their material well-being
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| What is voluntary exchange? | Exchange of goods or services, freely and willing, where both parties are better off
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| Economists explain human behavior through... | Positive and negative incentives
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| What is economic efficiency? | Goal to maximum the use of resources and prevent waste
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| What is socialism? | An economic system where the government plays a important role in the economy but markets and private property still exist but in a limited role
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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.
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.
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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Created by:
daniel.owen
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