Econ Final Exam Review

Front

The market system is an economic system that:

Back

Gives private individuals/people and institutions the right to own resources used in production

Front

Which statement best describes a command economy? Options: The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government, The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets, The production and allocation of goods and services is determined primarily through markets, The production and allocation of goods and services is determined primarily through government

Back

The production and allocation of goods and services is determined primarily through government

Front

What are the resources called that are needed to produce a good or service?

Back

Factors of production.

Front

What could be an example of capital? Options: Buildings, Machines, Money, All of the above

Back

All of the above

Front

Capital goods refers to...

Back

the tools, equipment, and factories used in production of goods and services

Front

An person's/individual's knowledge or skills that make production of a good/service more efficient

Back

Human Capital

Front

An economic system in which both the government and individuals BOTH play important roles in production and consumption (ALMOST ALL ECONOMIES ARE THIS TODAY).

Back

Mixed economy

Front

The amount of money a business makes after its expenses are paid

Back

profit

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization

Front

Which of the following best explains a mixed economy? Options: Private ownership of the factors of production and regulation of businesses by government, Market exchanges answer all three of the big economic questions, Family customs and traditions determine what and how to produce a good, Government answers all three of the big economic questions

Back

Private ownership of the factors of production and regulation of businesses by government