Flashcards
Chapter 16 Quiz Lesson1-3
Cards in this deck (17)
- 1What kind of resource is a factory building?Capital Resource
- 2What three economic questions must all societies answer?What goods and services will be produced?
Will the goods and services be produced?
Who will consume goods and services? - 3What economic system has economic decisions based on price?Market economy
- 4The cost of the next best use of your money or time when you choose to do one thing rather than another is known as...Opportunity Cost
- 5Expenses that do not changeFixed Cost
- 6Expenses change depending on how much a business produces.Variable Cost
- 7The increase in expenses caused by producing an additional unit of something is called...Marginal Cost
- 8Giving up one alternative good or service for another is called...Trade-Off
- 9What are examples of a fixed cost?Insurance, Rent
- 10The additional income received from each increase of one unit of sales is called?Marginal Revenue
- 11According to the rule of marginal analysis, you should continue making a good or service until...Marginal cost and revenue are equal
- 12What do businesses use when making decisions among projects?Benefit-cost analysis
- 13An economic system in which the government makes the major economic decisions.Command economy
- 14The study of how people use limited resources to satisfy all one's needs and wants.economics
- 15An economic system in which people and businesses own all resources and make economic decisions on the basic price.Market economy
- 16an economy in which businesses and individuals make the major economic decisions but in which the government also plays a role.Mixed Market Economy
- 17an economic system in which major economic decisions are based on custom or habit.Traditional economy
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- 8th grade US History Flashcards on Chapter 16 Quiz Lesson1-3, created by Olivia Henson on 26/10/2022.
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- Olivia Henson · Oct 2022
- Updated
- Oct 26, 2022
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