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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
In a communist country, what type of economy would they most likely have? |
Command |
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What type economy is a system based on custom, heredity, and caste? |
Traditional Economy |
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Which system is also known as private capitalism or market economy? |
Free Enterprise Economy |
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Which economic system has the highest government involvment? |
Command Economy |
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Name all four types of economies |
Traditional, Command, Free Enterprise, and Mixed |
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An intangible good for which people expect to pay? |
Service |
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How long is a durable good supposed to last? |
3 or more years |
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Three examples of nondurable goods |
Pencil, paper, food, etc. |
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What are goods produced directly for consumers called? |
Consumer Goods |
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As income rises, consumers stop buying ______ goods and start buying _______ goods. |
Inferior, normal |
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What's is seperate of work to be performed into individualized tasks called? |
Division of Labor |
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The study of specific components within a major economy |
Microeconomics |
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The concept of diminishing marginal utility |
The more you have the less you're satisfied |
Less is More |
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Who wrote the Wealth of Nations and considered the gather of economics? |
Adam Smith |
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Four factors of production |
Natural Resources, Labor, Capital, Entrepreneurship |
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______ of a good refers to the quantity of a good for sale at a certain price under certain conditions. |
Supply |
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Name an elastic and inelastic good |
Gas for a car, movies |
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If an auto worker gets an increase in pay, what happens to the supply of cars? |
Supply Decreases |
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The point at which quantity demanded and quantity supplied are eqaul |
Equilibrium |
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What is the model called in which we can illustrate how resources and products move through the market? |
Circular flow model |
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If a store notices that their strawberries are selling quickly, what would this be a reflection of in the market? |
Demand |
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John makes himself a sandwhich, but a friend calls and asks him to lunch. The sandwhich is an example of...? |
Opportunity Cost |
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In a free market, who ultimately determines what goods are produced and in what quantity? |
Consumers |
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What's the substitution effect that we see in the market of supply and demand? |
Cost goes up, people substitute the good for a cheaper alternative |
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