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Basics of Economics Flashcards | StudBud
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Basics of Economics
Basics of Economics
20 terms
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StudBud Administration
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Unit 1
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is economics?
study of making choices in a world with limited resources
study of making money
study of running a business
study of behavior and mental process
2
In Economics, what do we call something that you can use or consume?
A Good
A Service
3
Which of the following is a need?
a large wardrobe of clothes
a vacation
several cars to drive
clean drinking water
4
Which best describes people overthrowing the wealthy and setting up a state controlled economy
Communism
Capitalism
Socialism
5
What type of good is for immediate use or for a shorter span of time (less than a year)?
Non-durable Good
Durable Good
6
Which exemplifies the paradox of value?
a hamburger costing more than the fries
a sealed package being more expensive than an opened package
hot dog buns in sets of 10 and hot dogs in sets of 8
water and food being cheap, while diamonds are expensive
7
Sally is looking at buying a doll. There are four options. We would call these...
creepy
labor
trade-offs
scarcity
8
Ozzie takes a ride in his car; he is not able to watch TV with the family. What is TV watching?
land
production
scarcity
an opportunity cost
9
According to the graph, how many oranges are produced if 120 apples are produced
80
200
160
2
10
What type of product is produced for you to use in your home?
Consumer Good
Capital Good
11
What is TINSTAAFL?
An overrated beach resort in Florida
There is no talking at a ferocious llama
There is no such thing as a free lunch
the next best thing when you cannot choose two options
12
Which type of economic system is used by most countries today?
Market
Command
Traditional
Mixed
13
What is this image representing?
a table
a supply curve
a production possibilities frontier
a demand curve
14
What is the fundamental economic problem?
Loans
Starting a business
Scarcity
Money
15
Which is
NOT
one of the three economic questions?
For whom to produce?
How much stuff to produce?
What to produce?
How to produce?
16
Which economic system uses long-established ways of behaving and often people will barter?
Command
Market
Traditional
Mixed
17
Which term means the usefulness or satisfaction given by a product?
Value
Utility
Labor
Wealth
18
Which of the following is a want?
A pet iguana
Food
Clothing
Shelter
19
Which factor of production involves the money, tools, equipment, and factories used to produce?
Capital
Land / Natural Resources
Labor
Entrepreneur
20
Which factor of production is gifts of nature not made by humans?
Labor
Capital
Entrepreneur
Land / Natural Resources
