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