Abeka Economics test 1 practice questions and answers 2024

Wrote the wealth of nations Adam smith Used his resources wisely, made gunpowder for jefferson E.I. Dupont Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:10 / 0:15 Full screen Economy is directed by costoms and habbits Traditional Economy is directed by Government Command Economy is directed by an invisible hand Free market Economy would a communist have Command What type of good is a forklift used to transport goods Capital good What type of good is a computer used for personal home use Consumer good Term refers to a person who own a share of some business that produces goods Capitalist Person who risks his time and money in the development of a economic enterprise Entrepreneur Diligent work directed by intelligence developed under the conditions of freedom is the true source of what Prosperity All people are said to be producers Consumers A mixed economy provides hardly enough for people to survive Subsistence State capitalism is a system in which the government controls most of the capitalism True When a country finds ways to produce more goods from existing resources the prosperity of the national economy increases True The prosperity and efficency of the free market economy is owed to its foundation of limited gov. Freedom of enterprise and competition and national resources Property rights The two entity's that make the majority of the economic decisions of free market are privet households and private businesses True Adam smith stretched the importance of working in individual tasks (division of labor) True Difference in value of goods that a country sells abroad compared to those who purchase it from other countries is purchasing balance Trade balance According to economists the factors of production are scarce True Study of specific components within a economy Microeconomics Establishment of economist to benefit the mother country Imperialism Mechanism in which people trade goods Market Intangible item in which people expect to pay Survive Economic system aimed to accumulate stock piles of gold and silver Mercantilism What is the study of national economies Macroeconomics What are material items which people are allowed to pay Goods Quantity of a good for sale at a certain price under certain conditions Supply What seeks to show the relationship among the various components of a society of a economy Economic model Amount of a good bought at certain price under certain conditions Demand Word that consumers attach to a good Value French phrase means (let things alone) Laissez-faire French group thought market should be guided by the rule of nature Physiocrats Founder of Austrian school of economics Carl minger Taxes that the government applies to imported goods Tariffs Economics is the study of choices that individuals and societies make concerning what activities involving goods Production, distribution, consumption. Value associated with any goods are directly related to what Scarcity and utility