1st Quarter Exam (1)

Question 1

The study of the choices that individuals make and societies make in the production, distribution, and consumption of goods.

Answer 1

Economics

Question 2

Any system for the production, distribution, and consumption of goods and services

Answer 2

Economy

Question 3

Some people refused to work

Answer 3

What was wrong with the Pilgrim’s system?

Question 4

Scholars of the PDC ( production distribution and consumption ) of goods within an economy

Answer 4

Economists

Question 5

The study of national and international economies and how these major economies are affected by large-scale choices and public policies

Answer 5

Macroeconomics

Question 6

The study of specific components within a major economy and how the choices made by individuals, households, and business affect that economy.

Answer 6

Microeconomics ( Greek for small )

Question 7

Models that show the relationships among the various components of an economy

Answer 7

Economic models

Question 8

Something to help people that make decisions, make wise choices

Answer 8

Economic forecast

Question 9

A tangible item that people want and for which they will pay

Answer 9

Good

Question 10

Intangible goods produced by labor for which people expect to pay

Answer 10

Services

Question 11

The human desire to have and use a certain good

Answer 11

Want

Question 12

A mechanism that allows people to exchange goods

Answer 12

Market

Question 13

Very large number who want a large quantity of a product

Answer 13

Mass market

Question 14

The quantity of a good for sale at a certain price under certain conditions, or the amount of a good that’s produced

Answer 14

Supply

Question 15

The amount of a good that is bought at a certain price under certain conditions

Answer 15

Demand

Question 16

An old word for the bad habit of spending More than you can afford

Answer 16

Prodigality

Question 17

Necessity, something that would be difficult to live without

Answer 17

Need

Question 18

Desire, a longing, an appetite for something

Answer 18

Want

Question 19

Anything used in the production and distribution of goods and services

Answer 19

Capital or investment good

Question 20

Things produced for direct use by consumers

Answer 20

Consumer goods

Question 21

The worth that consumers attach to iTunes

Answer 21

Value

Question 22

Rare items such as diamonds normal command high prices while necessities such as water usually command low prices. Since diamonds are scarce, they are worth more. But a person who is dying of thirst would pay a lot more for water

Answer 22

What does the diamond-water paradox say?

Question 23

Natural Resources Labor Capital Entrepreneurship

Answer 23

What are the factors of production?

Question 24

Natural Resources (includes and and other raw material)

Answer 24

What is the first factor of production?

Question 25

The thing you gotta understand about economics

Answer 25

All goods have to be worked for

Question 26

Producers

Answer 26

Providers

Question 27

Consumers

Answer 27

Users

Question 28

Utility

Answer 28

Usefulness

Question 29

Scarcity

Answer 29

Limited availability

Question 30

Who decides the price for a good?

Answer 30

The consumer

Question 31

Who is the founder of the Austrian school of economics?

Answer 31

Carl Menger

Question 32

What economic system is based on traditions, heredity or caste?

Answer 32

traditional economy

Question 33

What economic system is controlled by a centralized authority?

Answer 33

commanded economy

Question 34

What in economic system are the people free to make their own economic choices?

Answer 34

Free enterprise

Question 35

What is a economy called that has several different economic systems?

Answer 35

Mixed economy

Question 36

What term refers to work that contributes to the production of goods?

Answer 36

Labor

Question 37

What economic system barely provides enough for the society to survive?

Answer 37

Subsistence economy

Question 38

In what type of capitalistic system is most of the nations capital owned privately?

Answer 38

Private capitalism

Question 39

In what type of capitalistic system is most of the nations capital owned and ran by the state?

Answer 39

State capital

Question 40

What is considered the intelligent direction and supervision of natural and human economic resources?

Answer 40

Entrepreneurship

Question 41

What is the name of a person who takes risks in theintelligent direction and supervision of natural and human economic resources on a bold scale?

Answer 41

Entrepreneur

Question 42

Who is considered one of the early captains of industry?

Answer 42

Du Pont

Question 43

T or F Are all nations one type of economic system?

Answer 43

False. no nation has one they all have a mixture of a couple different economic systems

Question 44

The relationship between a good's price and the amount that producers are willing to provide for consumers.

Answer 44

Supply

Question 45

The relationship between a good's price and the amount that people are willinag to buy.

Answer 45

Demand

Question 46

Value that is directly related to the benefits their owners receive through their use.

Answer 46

Value in use

Question 47

What a particular good is worth in exchange for some other good.

Answer 47

Value in exchange

Question 48

The amount of money that a buyer pays the seller for a particular item.

Answer 48

Price

Question 49

Those prices at which goods can be sold in an open market with many potential sellers and buyers.

Answer 49

Market prices