WorksheetsUnit 8 Review- Intro to Econ (The Basics)
Total questions: 70
Worksheet time: 49mins
The study of the stock market
The problem of unlimited desires and limited resources is the problem of
wants
marginal benefit
scarcity
free enterprise
The branch of economics that looks at the small scale, focusing on individual interactions.
Micromachines
Macaroni-onomics
Macroeconomics
Microeconomics
The branch of economics that looks at the large scale economy as a whole.
Macroeconomics
Microeconomics
Micromachines
Macaroni-onomics
Natural Resources includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
The alternatives available whenever a choice is made
Scarcity
Economy
Tradeoff
Incentives
Valuable actions that are performed by people for other people
Economic Goods
Economic Services
Economic Opportunity
Economic Capital
Physical, tangible items created by people to be used
Economic Costs
Land Resources
Economic Goods
Economic Services
Which two words would BEST describe Intro to Econ?
Stocks and Money
Big and Small
Profits and Revenues
Scarcity and Choice
In economics, incentives are used to
insure government control of the people
influence the choices people make
insure the poor are taken care of
drive a wedge between the rich and the poor
Explain the economic concept of "There is No Such Thing As a Free Lunch"
Mr. Hogan isn't buying you lunch!
You should really just wait for dinner
Did you not eat breakfast?
Everything has a cost
_______ and _______ make something have value
Goods and Services
Scarcity and Utility
Wealth and Tradeoffs
Utility and Opportunity Costs
If something has the ability to be useful and/or provides satisfaction, that good or services is said to have _____
wealth
surplus
opportunity costs
utility
Identify the famous book written by economist Adam Smith
An Enquiry into the Nature and Causes of Wealth of Nations
Human Action
The Affluent Society
General Theory of Employment, Interest and Money
The policy/philosophy supporting capitalism is?
Classic Communism
Laissez-faire
Idealistic Socialism
None of the above
A situation that occurs when two or more businesses try to sell the same type of product to the same customers is referred to as ...
Competition
Factors of production
Consumer goods
Free enterprise
The items that consumers buy are called ...
Private property
Factors of production
Producer goods
Consumer goods
Who ultimately makes the decisions in a market economy?
The government
Businesses
Consumers
Voters
The economic system of communist countries is most closely related to which of the following:
Command
Market
Traditional
Mixed
Who owns the resources in a command economy?
the government
no one
individuals
private business
How are goods and services exchanged in a traditional economy?
through prices and wages
through government regulation
through bartering
through shortages and surpluses
This is an economic system where people follow the occupation of their ancestors:
Command
Market
Mixed
Traditional
A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy?
Free labor
Competition between businesses
Government control of industry
Government control of agriculture
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
Which of the following best explains a mixed economy?
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
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Fame
Profits
Being an employer
This guy is called the father of economics and he literally wrote the book on capitalism
Karl Marx
Tom Brady
Kanye West
Adam Smith
This guy literally wrote the book on communism
Karl Marx
Adam Smith
Nick Covington
John Calvin
Which of the following correctly compares capitalism, socialism, and communism?
Capitalism values society collectively, while socialism and communism value the market and the individual.
Capitalism values the market and the individual, while socialism and communism value society collectively.
Capitalism seeks to redistribute wealth, while socialism and communism seek to limit the role of government in economic affairs.
Capitalism seeks to limit the role of government in economic affairs, while socialism and communism reject the idea of wealth redistribution.
Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.
Sole Proprietorship
Partnership
Corporation
Franchise
The length of a bond
Coupon Rate
Maturity
Par Value
Yield
A stockholder's share of the company's profit
Dividend
Par Value
Share
Yield
Which of the following industries is an example of a monopoly?
utilities/water
departments stores
auto industry
commercial airlines
A bond is a loan to a company that is paid back with ____; stocks are shared ownership in a corporation that earns ___.
dividends; interest
interest; dividends
dividends; capital gains
capital gains; interest
A government document granting permission to create a corporation is called
dividend
charter
bond
proxy
What is a major reason for conglomerate mergers?
diversification
multinternationals
unlimited life
depreciation
Schools, churches, and community organizations are examples of
cooperatives
conglomerates
nonprofit organizations
labor unions
A partner that potentially has less liability in a business is known as what?
General Partner
Liable Partner
Financial Partner
Limited Partner
When a business enterprise has different companies with various economic activities under it's watch. Examples: Pixar and Disney, Amazon and Whole Foods
monopoly
conglomerate
competition
partnership
Identify the correct factor of production.
Machinery and factories are?
Natural resources
Labour
Capital
Entrepreneurship
goods made to use in the production of other goods
capital goods
demand
taxes
consumer goods
The definition of the law of diminishing marginal utility
As more units are consumed the marginal utility falls.
As more units are consumed the marginal utility increases.
As price decreases quantity demanded increases.
As price increases consumers are willing to pay more.
