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Economics Flashcards | StudBud

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Economics

7 terms·StudBud Administration·38 plays

A #review of #keyterms for #economics

Flashcards7 cardsFPractice quizPHost liveL

Questions 7

Answers

1
A budget surplus is when ?
estimated receipts are equal to estimated expenditures
income exceeds the expenses
it effects the overall production of goods
expenses exceed the revenue
2
Developing economics is???
a risk-taking individual in search of profits
when a nation's total output of goods increases over time
economics that are rich and have many industries
economics that are poorer and trying to become developed
3
when there is not enough of something to satisfy how much everyone wants of it is????
shortage
Scarcity
none of the above
demand
4
Which is an example of a variable cost?
inventory of meats at a pizza parlor
the lease on a business lot or space
repayment loan
none of the above
5
The cost of the best alternative for resources that are scarified to make the final choice is?
Opportunity cost
law of supply
Gross domestic product
Mixed economy
6
A supply and demand equilibrium is ?
balance between supply and demand; prices become stable
there is a shortage of goods/products
people are willing to buy a product/good at a certain price
how much the market can offer
7
Capitalism is ????
a rap song
private owners for profit, rather than by state
no class system and each is paid to their abilities & needs
complete authority in any sphere