Economics Final Review

Front

Which item is not one of the four pillars of the Free Market system? Options: Private Property, Voluntary Exchange, Competition

Back

Prices

Front

What are the three primary factors of production?

Back

land, labor, capital

Front

Advantages: predictability, security
Disadvantages: low innovation
What type of economy is being described? Options: Traditional economy, Command economy, Market economy, Mixed economy

Back

Traditional economy

Front

Advantages: can be efficient, equal, security
Disadvantages: can be inefficient, innovation ignored, no freedom
Which type of economy is being described?

Back

Command economy

Front

Advantages: freedom, efficient
Disadvantages: equality and security ignored
What type of economy is being described? Options: Traditional economy, Command economy, Market economy, Mixed economy

Back

Market economy

Front

What do households send to firms in the product market?

Back

Money

Front

What do firms send to households in the product market?

Back

Goods and Services

Front

What do firms send to households in the factor market?

Back

Factors of Production

Front

Demand is both...

Back

willingness and ability

Front

Price goes up, ...

Back

demand goes down