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Economics Flashcards | StudBud
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Economics
Economics
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1
an economic model that compares marginal costs and benefits
economic system
marginal revenue review
total cost
benefit-cost analysis
2
Scarcity is...
the alternative you face when you decide to do one thing over another
goods and services essential for living
situation of not having enough resources to satisfy one's wants
buildings and tools used to make goods
3
the amount of money owed to a banking institution
debt
interest payment
credit
marginal cost
4
Credit or loans must be paid...
within 3 years of use
back with interest
with an APR lower than 7.3%
within 72 hours of use
5
If a person spends more money than they make, they have a
loan
credit
debit
deficit
6
Unlimited Wants + Limited Resources =
scarcity
trade-off
marginal cost
revenue
7
Which of the following economic systems does the United States have?
market
mixed market
command
traditional
8
Which of the following is a want?
food
water
shelter
clothing
9
Why do you think you must write the numerical and written form of the amount you are paying on a check?
in case you spell something wrong
to sign your savings away
to be sure the amount is correct & legible
in case someone cannot read
10
Which element of personal finance does the picture depict?
budgeting
saving
spending
borrowing
11
What factors make us want something?
peer pressure
trends
interests
all of the above
12
Which of the following is an example of a need
luxury car
water
clothes
bed
13
If your APR on a new car is 26%, what is your monthly interest rate? (Round to the nearest whole number)
2%
3%
26%
12%
14
A want is...
desire individuals have that can be met by getting a good or service
a thing that can be used
goods or services essential for living
the study of how individuals and nations make choices about resources
15
When writing a check, what information goes on the line labeled "Pay to the order of"
the amount in numerical form
the description fo the item
the date
who you are paying
16
a sum of money removed from an account
loan
credit
withdrawal
interest
17
Which of the following resources includes workers and their abilities
natural
captial
labor
necessity
18
Which of the following resources includes a nation's lands and all materials that land provides
labor
natural
capital
scarcity
19
the process of projecting, organizing, monitoring, and controlling future income and expenses
economics
credit
personal finance
deficit
20
The amount of money left over after subtracting expenses from income
balance
revenue
debit
deficit
21
When owning a business, which question should you ask yourself?
Where will they buy them?
When will they consume them?
Who will consume them?
How can I make shopping easier?
22
Why is it important to use credit responsibly?
to minimize withdrawals from your account
to manage debt appropriately
to mantain a lower interest rate on your current loan
to save an optimal amount of money
23
The cost of the next-best use of time or money when choosing to do somlething over another
variable cost
trade-off
fixed cost
opportunity cost
24
APR a bank assigns to you is based on the following criteria
income
payment history
credit score rating
age
25
an expense that does not change
marginal cost
fixed cost
opportunity cost
total cost
