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Intro Economics Test Prep
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What are the three questions asked in all economies?
What should be produced? How should it be produced? Who should it be produced for?
Name five of the social goals of an economic system (there are six)
Economic Efficiency, Economic Equity, Economic Freedom, Economic Growth, Economic Security, Economic Stability
Name at least three of the social goals in an economic system (there are six)
Economic Efficiency, Economic Equity, Economic Freedom, Economic Growth, Economic Security, Economic Stability
Who did Karl Marx consider the Proletariat to be?
The workers who needed to overthrow the owners of businesses.
Who did Karl Marx consider the Bourgeoisie to be?
The owners of businesses that manipulate the workers.
What does it mean if a business owner has profit incentive?
They are motivated by making a profit.
The ability of an owner to create a successful plumbing company is which type of input?
Entrepreneurship
The programs used to guide a 3D printer to make something are which type of input?
Technology
If making a puzzle, the machines to cut the pieces would be which type of input?
Capital
If making a restaurant, the construction workers would be which type of input?
Labor
If making a computer, the glass and metal used in it would be which type of input?
Land
If you are looking at the overall health of the United States economy are you looking more at Macroeconomics or Microeconomics.
Macroeconomics
What is microeconomics used for?
Studying the behavior and decision making of individuals or companies.
True or False: Macroeconomics focuses on decisions made by individual businesses.
False: Macro focuses on the economy as a whole. Microeconomics focuses on individual businesses.
Explain what a market is.
The free exchange of goods and services between buyers and sellers.
Anything used to make a good is called what?
A resource or input
True or False: I would use a Production Possibility Curve to determine the maximum output between the five different goods my company produces.
False: This is only used when looking at two different goods.
A production possibility curve is used to do what?
Determine the maximum amount of two goods when there is a fixed input.
What is the trade off if a country decides to go to war?
Many resources they use in the war cannot be used for the citizens of the nation and the needs they have.
Polaris can make snowmobiles or ATV's. If they put 80% of their resources and production toward ATV's, what is the trade off?
The trade off is they cannot produce as many snowmobiles.
If you are studying Economics, what are you studying?
How we as humans use limited resources when we have unlimited wants.
What is scarcity?
The reality we don't have enough money, time, or resources to get everything we want.
What is opportunity cost?
The choice you give up when you have to decide between two or more choices.
What type of system would you have if some industries are controlled by the government but others are controlled by businesses- Capitalist, Socialist, or Communist?
Socialist
True or False: The public school system is an example of communism in America
False: It is an example of socialism: Tax money is being used to support all citizens.
True or False: The United States government has some elements that could be considered socialist.
True
Is Adam Smith well known for Capitalism or Communism?
Capitalism
Is Karl Marx associated with Capitalism or Communism?
Communism
The Soviet Union, Communist Russia, had which type of economy before collapsing? Market, Command, Traditional or Mixed?
Command
Which type of economy do we have in the United States? Traditional, command, market, or mixed?
Mixed
True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.
True
How would the United States change if we had a pure command economy?
The government would make all business decisions and own all businesses.
How would the U.S. change if we had a pure market economy?
All decisions would be made by businesses. The government could not restrict them.
Provide an example of a situation where you would see a mixed economy.
This could be anything as long as the company makes most decisions but the government has some power to limit what the company can do.
Name the four types of economic systems (Hint: Not capitalism, communism, etc...)
Market, Command, Traditional, Mixed
Explain the differences between market and command economies.
Market: Businesses and owners make most decisions with little government interference. Command: Government leaders make all business decisions.


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