
ECONOMICS FINAL EXAM REVIEW - 2
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
What are the four factors of production?
Back
Land, Labor, Capital, Entrepreneurship
2.
FLASHCARD QUESTION
Front
What is illustrated by a Production Possibilities Curve (Frontier)? Explain how the PPC illustrates the following:
Back
The PPF is a curve that shows the maximum quantity of one good that can be produced for each possible quantity of another good produced.
3.
FLASHCARD QUESTION
Front
Explain the differences in a market, command, and mixed economy based on how they each answer the three key economic questions.
Back
Traditional economy: Decisions about resources are made by habit, custom, superstition, or religious tradition.
Command economy: Decisions are made by central planners, usually associated with the government.
Market economy: Decisions are made by business owners and consumers.
4.
FLASHCARD QUESTION
Front
What happens in each market as illustrated by the circular flow?
Back
In the Product Market, households purchase goods and services from firms, which receive money payments. In the Resource Market, firms purchase resources from households, who are paid wages, salaries, rents, and interest. Firms use these resources to produce goods and services, and households use their payments to buy goods and services.
5.
FLASHCARD QUESTION
Front
What is behavioral economics?
Back
Behavioral Economics is the branch of economics that uses ideas about decision making from psychology to explain economic behavior.
6.
FLASHCARD QUESTION
Front
What is the Law of Demand?
Back
When the price of a good goes down, the quantity demanded increases, and when the price of a good goes up, the quantity demanded decreases. This is an inverse (negative) relationship between price and quantity.
7.
FLASHCARD QUESTION
Front
The difference between a change in quantity demanded and a change in demand is:
Back
A change in quantity demanded is caused by a change in price, while a change in demand is caused by factors other than price.
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