Econ test

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Author:
jfindley
ID:
281478
Filename:
Econ test
Updated:
2014-08-27 19:00:34
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econ
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  1. What is scarcity?
    unlimited wants/ limited resources
  2. Does any society have has enough resources to produce all the goods and services that people want?
    no
  3. What are the factors of production?
    land, labor, capital, entrepreneurs
  4. What is ceteris peribas?
    everything is equal
  5. What is elastic demand?
    if you need a product and the price goes up you will pay it
  6. Benefits must be____ to costs?
    greater than or equal to
  7. What does PACED stand for?
    • problem
    • alternatives
    • criteria 
    • evalutate
    • decision
  8. WHat is a traditional economy?
    • based on customs, values, and traditions.
    • the way it has always been done
  9. What is a command economy?
    economic system where the government commands or controls everything
  10. What is a market economy?
    individual consumers make economic decisions
  11. What is a mixed economy?
    combo of market and command
  12. Who owns the factors of production in a traditional economy?
    the people- only meet their basic needs
  13. Who owns the factors of production in a command economy?
    the government
  14. Who owns the factors of production in a market economy?
    • privately owned
    • lassiez fiare
  15. Who owns the factors of production in a mixed economy?
    private and government
  16. How are the basic questions answered in a traditional economy?
    tradition
  17. How are the basic questions answered in a command economy?
    the govt decides
  18. How are the basic questions answered in a market economy?
    each indivdual consumer and business people determine
  19. How are the basic questions answered in a mixed economy?
    individuals and government
  20. Where are traditional economies located?
    • rurual non idustrial places
    • africa, asia, s america
  21. Where are command economies located?
    • north korea 
    • cuba
  22. Where are market economies located?
    none except black market
  23. Where are mixed economies located?
    • almost everywhere
    • USA USA USA
  24. What are the advantages of of a traditional economy?
    everyone knows their role
  25. What are the advantages of of a command economy?
    • everyone equal
    • prices low
    • mobalizing resources
    • everyone has a job
  26. What are the advantages of of a market economy?
    • make choices 
    • quality and quantity 
    • competition
  27. What are the advantages of of a mixed economy?
    govt regulation prevents buisnesses from cheating customers and labor
  28. What are the disadvantages of a traditional economy?
    • little to no technology 
    • people only meet basic needs
  29. What are the disadvantages of a command economy?
    • government produces public goods
    • too much or too little
    • no competition
    • low quality 
    • few basic human rights
    • little consumer choice
  30. What are the disadvantages of a market economy?
    • exploit labor
    • leaves out have nots
  31. What are the disadvantages of a mixed economy?
    govt regulations

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