Economics Final Exam Review Flashcards

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?

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?

Back

All of the above

Front

Capital goods

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

What best explains a mixed economy?

Back

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