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Economics Flashcards | StudBud
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Economics
Economics
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StudBud Administration
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A quiz going over everything we have learn from units 1-3.
Flashcards
20 cards
F
Practice quiz
P
Host live
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Questions
20
Answers
1
Which is and example of a compliment?
Ketchup to Hamburger
Shirts
Hats
Books
2
Does a monopoly have control over price?
Yes
Kinda
Maybe
No
3
What's an example of income effect?
demand goes somewhere
price and demand go somewhere
price goes somewhere
Raise at work
4
What makes a curve shift? (Change in Demand)
Population
FAD
Consumer Expectation
Income
5
What is the definition of sole proprietorship?
partners share equally in both responsibility and liability
Legal Entity
General Partnership
a business owned and managed by a single individual
6
What is an example of a substitutes?
Dogs
Walmart brand flip flops to Nike flip flops
Cats
Fish
7
Coins and bills are equal to what?
Cats
Elephants
Snakes
Currency
8
Human Capital is what?
Not sure
Idk
Probably human's in a capital
What is gained through study/experience
9
What is the basic economic problem all nations and people face?
Money
Household
Goods
Scarcity
10
Physical capital is what?
any human-made resource that is used to create other goods
A nice person
A person
Something physical that is done in the Capital
11
Price floor is shortage or surplus?
Syrup
Surplus
Short people
Shortage
12
What is the definition of scarcity?
a consumers willingness and ability to purchase
limited quantities of resources to meet unlimited wants
United States of America
connecting themes in economics
13
What is the definition of voluntary exchange?
Pizza
the process of willingly trading one item for another
Grapes
the intent to achieve monetary gain in a transaction
14
What is the law of supply?
Scarcity
Price goes up, Demand goes down
Price goes up, Supply goes up
Government staying out of economic decisions
15
Which product is an example of scarcity?
Plastic
Dairy Queen
Mrs. Horne
Oil
16
Which is an example of economic interdependence?
Scarcity
Profit Motive
USA and China
Voluntary Exchange
17
Is giving a friend gas money to have a ride an example of voluntary exchange?
Maybe
Yes
Sorta
No
18
What's an advantage to a sole proprietorship and partnership?
Double Taxation
Loss of control
Easy to start
More Regulation
19
What is a characteristic of money?
Durability
Pizza
Uniformity
Limited Supply
20
What are four examples of human capital?
Education
Knowledge
Skills
Training
