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Introduction to Economics (5s) Flashcards | StudBud
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Introduction to Economics (5s)
TR - TC
Things that are required for survival...
Introduction to Economics (5s)
40 terms
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418 plays
Introduction to Economics
Flashcards
40 cards
F
Practice quiz
P
Host live
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Questions
40
Answers
1
Things that are required for survival...
Opportunity Cost
Scarcity
Need
Want
2
TR - TC
MC
π
Profit
RC = VC
3
Hmmm....
market
traditional
command
4
Hmmm.....
Service
Good
5
Hmmm....
Entrepreneurship
Labor
Land
Capital
6
What is Sully carrying
Capital
Labor
Land
Entrepreneurship
7
Hmmm....
Choices
Opportunity Cost
Trade-offs
Service
8
What does this represent?
common good
Positive externality
Negative externality
I will not own that
9
Hmmm....
Club Good
Private Good
Common Resource
Public Good
10
What does this represent?
PPF
efficient
under-utilization
guns or butter
11
What is the opportunity cost of going from B to C?
30 tons of wheat
5 tons of steel
80 tons of steel
55 tons of wheat
12
What is labor paid?
profit
goods
rent
wage
13
What is in the carton?
Capital
Labor
Land
Entrepreneurship
14
Ummm....
Club Good
Public Good
Common Resource
Private Good
15
What is capital paid?
profit
wage
rent
interest
16
Which market is represented by the top of this circular flow model?
Household Sector
Products Market
Factors Market
Business Sector
17
Stuff that we would like to have....
Need
Opportunity Cost
Scarcity
Want
18
Hmmm....
service
trade-off
opportunity cost
labor
19
The social science that studies the problem of scarcity.
History
Psychology
Sociology
Economics
20
The road?
public good
club good
common resource
private good
21
What is "F"?
efficient
under-utilization
not possible
PPF
22
What does this represent?
negative externality
scarcity
positive externality
common resource
23
Hmmm....
market
traditional
command
24
Is this clip helpful? Don't answer right away :)
Yes
No
25
Was this clip helpful? Don't answer right away :)
Yes
No
26
W > R
Scarcity
Need
PPF
Trade-offs
27
Someone who exercises initiative by organizing a venture to take benefit of an opportunity.
labor
land
entrepreneur
good
28
What is "A"?
efficient
under-utilization
not possible
PPF
29
What are the three economic questions?
what, how, when?
what, how, for whom?
what, how, tacos?
how, what, why?
30
Tangible things that can be bought and sold...
Service
Want
Need
Good
31
Hmmm....
guns or butter
scarcity
production possibilities
opportunity cost
32
Hmmm....
Service
Good
33
Which market is represented by the bottom of this circular flow model?
Business Sector
Products Market
Factors Market
Household Sector
34
What is "F"?
efficient
not possible
under-utilization
PPF
35
Hmmm....
traditional
market
command
36
What is land paid?
Labor
Rent
Wage
Profit
37
Intangible things that producers due for consumers
Scarcity
Opportunity Cost
Service
Good
38
Hmmm.....
Market
Command
Centrally Planned
Traditional
39
Hmmm....
Public Good
Private Good
Club Good
Common Resource
40
Hmmm....
labor
good
opportunity cost
land
