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Economics Basics Flashcards | StudBud

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Economics Basics

11 terms·StudBud Administration·10 plays

Economics Review

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Questions 11

Answers

1
Which of the following is NOT one of the seven principles of economic thinking?
Scarcity forces tradeoffs
cost vs benefits
supply vs demand
incentives matter
2
A tradeoff is best described as _________________.
the amount of goods in a market
choosing one thing over another
having a lack of resources
an economic riddle or question
3
Bringing buyers and sellers together is key to which principle of economics?
Scarcity Forces Tradeoffs
Markets Coordinate Trade
Trade Makes People Better Off
Buyers and Sellers Cooperate
4
Which of the following best describes scarcity?
unlimited resources
making choices
limited resources
coupons
5
The picture below is an example of which economic principle?
negative incentives
foot in door technique
positive incentives
scarcity forces tradeoffs
6
An economic enigma is _________________.
a mystery in economics
solved best by not using economic analysis
an unanswerable economic question
an economic question/riddle answered using economic analysis
7
The incentives matter principle states that ____________________
markets bring buyers and sellers together
people make tradeoffs daily
people respond to incentives in predictable ways
people weigh costs vs benefits when making decisions
8
The BEST example of a negative incentive would be which of the following?
Sales
Fines
BOGO
Coupons
9
Economics is about all of the following EXCEPT:
making better decisions
analyzing how economics work
making policy recommendatoins
only money
10
The "no-free-lunch" principle is most closely associated with which economic principle?
Trade Makes People Better Off
Thinking At the Margin
Cost vs Benefits
Scarcity Forces Tradeoffs
11
Opportunity cost is most closely associated with which other economic term?
Demand
Tradeoff
Surplus
Enigma