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Fundamental Economics Part I Flashcards | StudBud
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Fundamental Economics Part I
Fundamental Economics Part I
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Fundamental Econ concepts of scarcity, factors of production, 3 Economics Systems
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
In economics, when discussing the factors of production, the term land refers to..
capital goods
farmland
factories
all natural resources
2
The study of how individuals, businesses, & society chooses under the condition of scarcity
specialization
deregulation
allocation
economics
3
What point on the PPC is impossible
D
B
A
C
4
How can we best determine an increase in productivity from the choices below?
We can produce less with lesser inputs than before
We can produce less with the same inputs as before
We can produce more with more inputs than before
We can produce more with the same inputs as before
5
Differences among economic systems is in the way they answer three basic questions, which are
how to produce goods, how to price it, how to distribute it
what to produce, why and how to distibute
what to produce, how to produce it and how to distribute
what to do with market forces of demand & supply
6
Watch the clip. Bruce just got a lesson in
Trade-Offs
Law of Diminishing Marginal Returns
School Rules
Law of Diminishing Marginal Utitility
7
This image is an example of
Specialization
bad drawing
Reasons for Trade
Absolute Advantage
8
Mr. Brown went next door and exchanged sugar for salt: this is an example of
Natural Resources
Opportunity Cost
Scarcity
Trade-off
9
Ms. Miller is a nurse that takes care of newborn babies, Ms. Miller provides a
capital resource
natural resource
service
good
10
The image represents what Economics Theme
Interdependence
Opportunity Cost
Incentives
Scarcity
11
The Initials TINSTAAFL represents the economic principle that
There is No Such Thing As A Fixed Lunch
Wants are limited and resources are unlimites
There is No Such Such Thing As A Free Market
Everything has a cost
12
An opportunity cost is
the next best alternative you give up to do something else
is only an issue when there is no scarcity
usually absent in a command economy
when goods are recycled into other goods
13
What does the "P" in the PACED decision making model stand for?
Identify the program
Identify the problem
Implement the problem
Identify the producers
14
Economic cooperation among nations occurs when nations
trade with each other
adopt a policy of no trade with other nations
increase productive resources
engage in a tariff war
15
Which of these is the best example of a store that specializes?
Shoe store
Grocery Store
Department Store
Thrift Store
16
Which of these would be an opportunity cost of going to college?
the degree and the money you will earn
the money you could have earned at a job
the cost of housing and food
the costs of books and tution
17
What makes entrepreneurship different from labor?
Profit making
marketing skills
research and development
Risk Taking
18
In economics rational decisions occur when
suppliers lower their prices to increase demand
budget is used for spending and saving decisions
command economies answer the 3 basic economic questions
marginal benefits of an action are = or > marginal cost
19
Lotteries, authoriy, random selection, prices and competition are all methods commonly used to:
improve productivity
allocate scarce resources
collect taxes
invest in education and technology
20
Who has Comparative Advantage in Physics?
Jack
John
