What is unlimited liability?

Having full economic responsibility

What is an opportunity cost?

The worth of the next best possible option

The law of diminishing returns states what?

More of one variable will make you less productive

What is productivity?

How efficiently something is produced

What is microeconomics?

Economics of individuals or businesses

The price of rubber has gone up. How will this affect the supply of tires?

Supply will shift to the left due to production costs

An option that you have to choose from

What is specialization?

Focusing on one particular skill or task

I have $10. I want to go to the movies, but I'm also hungry and want pizza. What are trade offs

Going to the movies, buying pizza, or neither

studbud

Intro to Economics

20 termsStudBud Administration90 plays

Introducing the basics of economics

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Achieving an equilibrium is good for who?
Only the producer
Neither producer nor consumer
Both producer and consumer
Only the consumer
2
Which type of business is the easiest to create and has always been the most abundant?
Sole Proprietorship
Partnership
Franchise
Corporation
3
What is unlimited liability?
Having no economic responsibility
Sharing economic responsibility between shareholders
Sharing economic responsibility between everyone
Having full economic responsibility
4
What is considered to be a product?
Goods and Services
Services
Neither Goods nor Services
Goods
5
What is an opportunity cost?
No longer having an opportunity
The cost of a purchased product
The worth of the next best possible option
The option that you have to choose from
6
The law of diminishing returns states what?
Less of one variable will make you more productive
More of one variable will make you less productive
Less of one variable will make you less productive
More of one variable will make you more productive
7
This graph shows what?
Inelastic Demand
Inelastic Supply
Elastic Supply
Elastic Demand
8
Which is not a factor of production?
Land
Labor
Education
Capital
9
Which is not one of the four questions of economics?
What to produce?
Who to get resources from?
How much to produce?
How to produce it?
10
This graph represents what law of economics?
Law of Demand
Law of Supply
Law of Diminishing Returns
Law of Productivity
11
What is productivity?
How efficiently something is produced
How long something takes to produce
How easily something is produced
How expensive something is to produce
12
What is the key to economics?
Supply and Demand
Scarcity
Trade-Offs and Opportunity Costs
Productivity
13
Which of these would be considered a human resource?
Land
Oil
Education
Water
14
What is microeconomics?
Economics of small locations
Economics of individuals or businesses
Economics of small products
Economics of countries and governments
15
The price of rubber has gone up. How will this affect the supply of tires?
Supply will shift to the left due to related technology
Supply will shift to the right due to production costs
Supply will shift to the left due to production costs
Supply will shift to the right due to substitutes
16
How do you calculate profit/loss?
Total Costs - Total Revenue
Total Revenue - Total Costs
Profits - Loss
Total Revenue - Fixed Costs
17
What is a trade off?
What you have given up
The exchange of goods
An option that you have to choose from
The next best possible option
18
Which is not an example of a capital good?
Wood
Plastic
Computer
Hammer
19
What is specialization?
Finding only special people to work for you
Focusing on one particular skill or task
Having all workers focus on only the biggest task
Breaking a large task down in to smaller tasks
20
I have $10. I want to go to the movies, but I'm also hungry and want pizza. What are trade offs
Going to the movies, buying pizza, or neither
Going to the movies or buying pizza
Going to the movies
Buying pizza

Intro to Economics Flashcards | StudBud