Flashcards Final review economics

Front

Lyndon Johnson increased the number of troops sent to Vietnam and eventually had to cut back on his Great Society programs. This is an example of what economic term?

Back

Guns or butter

Front

How could the free market and laissez-faire hurt the consumer?

Back

All (No government intervention, monopolies may form, unsafe work environment)

Front

How does shortage differ from scarcity?

Back

Scarcity always exists; shortages are temporary.

Front

As Hurricane Ophelia approaches North Carolina, many people will begin to stockpile goods such as batteries, water, wood, etc. This will put a temporary strain on the availability of these goods. This scenario is an example of which economic term that we studied?

Back

Shortage

Front

Given the choice of Milky Way, Twix, and Snickers, you decide that you would like the Snickers candy bar the most. Your next choice is Milky Way, and Twix is your least favorite choice. In this example, what is your opportunity cost?

Back

Milky Way

Front

An inexperienced plumber or electrician gaining skills through an apprenticeship with a master craftsperson is an example of which economic term?

Back

Human capital

Front

Why does every decision involve trade-offs?

Back

Everyone's resources are limited.

Front

This doctrine states that the government generally should not interfere with the marketplace.

Back

Laissez-faire

Front

Mixed economies are made up of which two types of economies?

Back

Centrally planned and market

Front

What does a production possibilities frontier show?

Back

The maximum amount that an economy can produce.