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Economics

Maximo Witting ∙

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Term1/12

Which kind of economic system does a capitalist country have

Definition1/12

A system where production takes place for the sake of profit, where most people have to work for wages, and a tiny minority live very well off rent, interest and profit .

Term1/12

Why does the free-market system follow a circular flow model

Definition1/12

consumers

The free choices made by consumers and producers influence each other.

Term1/12

What cannot be done by the government in a command economy

Definition1/12

deciding what goods consumers buy

Term1/12

A country's economy is stagnating when the GDP is doing which of the following

Definition1/12

Neither rising nor falling

Term1/12

Which of the following questions must be answered in order to turn resources into products

Definition1/12

How should production be organized?
idk i got it wrong but its NOT "How should production be organized? "

i think its "How are goods and services to be distributed?"

Term1/12

Which of the following best explains why minimizing costs is a rational way to make decisions

Definition1/12

Paying a cost means doing without something good or accepting something bad
Paying a cost means doing without something good or accepting something bad.

Term1/12

What do producers look to increase when making technological improvements in the game of economics

Definition1/12

Productivity
productivity

Term1/12

Which of the following is not an economic goal that influence how societies answer the three key economic q uestions

Definition1/12

victory

Term1/12

Which of the following economic indicators measures the overall value of goods and services

Definition1/12

Gross domestic products

Term1/12

Which of the following lists some of the non monetary factors that are taken into account when the doing cost benefit analysis

Definition1/12

time and effort

Term1/12

Match the type of market structure with each example

Definition1/12

A. Pure competition Computer operating systems B.Near monopoly Fast food restaurants C. Monopolistic competition Online auctioning D. Oligopoly Car makers

Term1/12

In economics which player has the role of providing goods and services

Definition1/12

Consumers

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Cards in this guide (12)

Which kind of economic system does a capitalist country have

A system where production takes place for the sake of profit, where most people have to work for wages, and a tiny minority live very well off rent, interest and profit .

Why does the free-market system follow a circular flow model

consumers

The free choices made by consumers and producers influence each other.

What cannot be done by the government in a command economy

deciding what goods consumers buy

A country's economy is stagnating when the GDP is doing which of the following

Neither rising nor falling

Which of the following questions must be answered in order to turn resources into products

How should production be organized?
idk i got it wrong but its NOT "How should production be organized? "

i think its "How are goods and services to be distributed?"

Which of the following best explains why minimizing costs is a rational way to make decisions

Paying a cost means doing without something good or accepting something bad
Paying a cost means doing without something good or accepting something bad.

What do producers look to increase when making technological improvements in the game of economics

Productivity
productivity

Which of the following is not an economic goal that influence how societies answer the three key economic q uestions

victory

Which of the following economic indicators measures the overall value of goods and services

Gross domestic products

Which of the following lists some of the non monetary factors that are taken into account when the doing cost benefit analysis

time and effort

Match the type of market structure with each example

A. Pure competition Computer operating systems B.Near monopoly Fast food restaurants C. Monopolistic competition Online auctioning D. Oligopoly Car makers

In economics which player has the role of providing goods and services

Consumers

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