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Introduction of Economics Flashcards | StudBud

Explore/Introduction of Economics

Introduction of Economics

10 terms·StudBud Administration·311 plays

What is economics? Economic systems? American Free Enterprise?

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Questions 10

Answers

1
What will affect the price of a good or service?
supply
supply and demand
type of good or service
demand
2
An 11-month year old baby had to be airlifted to a hospital 170 miles from Houston b/c there were no beds. What is this?
surplus
scarcity
price
shortage
3
what is economics?
The study of the behavior and decision
the study of economic behavior and decisions
study of how people meet their needs and wants
4
What is opportunity cost?
government
limit source
make the next best choice
shows opportunity cost
5
What does economics study?
Factor and market
House holders and firms
Government and schools
Goods and services
6
what is a Surplus?
Quantity is higher than the demand.
Minimum price set by the government;
Quantity is lower than the demand
7
why does Scarcity exist?
too much surplus
because of unlimited wants and needs and limited resources.
because of choices
give up
8
In Harris County, there is a large supply of vaccines, but it there is less demand by the people. What is this called?
price
shortage
scarcity
surplus
9
Which of the following is an example of spatial reasoning?
Judge Lina Hidalgo giving out $100 cash cards for getting the vaccine.
Gov. Abbott re-opening the state to regular business and in-person dining
US, TX, Harris County, and Houston distribute vaccines in the community.
A business smashing the prices on items that it can't really sell.
10
Which example of limited amounts of the following would lead to a shortage?
Food that is available because no one wants to buy it
Labor available because workers employed at another business
Food that is available because of a truckers strike
an election