Econ 12 1-4
Understanding Economics: A Quiz on Economic Principles
Test your knowledge of economic concepts with our engaging quiz! Dive into the fundamentals of various economic systems, including socialism and traditional economies, and explore the principles that govern them.
Join us to learn about:
- Socialistic characteristics in economies
- The significance of descriptive and analytical statements
- Opportunity costs and their implications
Which economy(ies) contain socialistic characteristics
Command
Mixed-Market
Market
Traditional
What translates to House to Manage
Carpe Diem
Per Nemos
Oikos Nemos
Unum Diem
Characteristics of Analytical Economics
Bank Statement
Value Statements
Descriptive Statement
Economical Statement
Descriptive Statements mean:
Are forecasts based on analysis of behaviour
Portray the world as it is or was in the past
If X, then Y
If X, Y is X
Economically Defining Trait of Traditional Economy
Culture
Self-Sustinence
Currency
Farming
What law does the PPC (Production Probability Curve) operate under
Law of Diminishing Returns
Law of Increasing Return to Scale
Law of SOHCAHTOA
Law of Increasing Relative Cost
Law of Opportunity Cost
Law of the Wild West
What could be an Opportunity Cost?
When you spend money for that sick McGrilled McChicken
Law of Opportune Timing
When you really like an opportunity but can't afford it
Forecast on how much you will spend
When one variable is held constant and all other variable increase which law will apply
Law of Diminishing Return
Law of Increasing Return to Scale
Law of Campaigning Returns
Law of Opportune Timing
Law of Increasing Relative Cost
Communism promotes free market
True
False
Socialism is where the government has centralized power and the government controls profits
True
False
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