Intro Economics Test Prep | Baamboozle - Baamboozle

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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

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.

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

If making a restaurant, the construction workers would be which type of input?

Labor

What does it mean if a business owner has profit incentive?

They are motivated by making a profit.

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.

Who did Karl Marx consider the Bourgeoisie to be?

The owners of businesses that manipulate the workers.

The Soviet Union, Communist Russia, had which type of economy before collapsing? Market, Command, Traditional or Mixed?

Command

If you are looking at the overall health of the United States economy are you looking more at Macroeconomics or Microeconomics.

Macroeconomics

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

If making a puzzle, the machines to cut the pieces would be which type of input?

Capital

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.

If making a computer, the glass and metal used in it would be which type of input?

Land

Who did Karl Marx consider the Proletariat to be?

The workers who needed to overthrow the owners of businesses.

The programs used to guide a 3D printer to make something are which type of input?

Technology

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.

Which type of economy do we have in the United States? Traditional, command, market, or mixed?

Mixed

What is scarcity?

The reality we don't have enough money, time, or resources to get everything we want.

If you are studying Economics, what are you studying?

How we as humans use limited resources when we have unlimited wants.

Name the four types of economic systems (Hint: Not capitalism, communism, etc...)

Market, Command, Traditional, Mixed

What are the three questions asked in all economies?

What should be produced? How should it be produced? Who should it be produced for?

True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.

True

Anything used to make a good is called what?

A resource or input

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.

Is Karl Marx associated with Capitalism or Communism?

Communism

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.

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.

How would the United States change if we had a pure command economy?

The government would make all business decisions and own all businesses.

The ability of an owner to create a successful plumbing company is which type of input?

Entrepreneurship

What is microeconomics used for?

Studying the behavior and decision making of individuals or companies.

What is opportunity cost?

The choice you give up when you have to decide between two or more choices.

Explain what a market is.

The free exchange of goods and services between buyers and sellers.

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