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session 1 Flashcards | StudBud
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session 1
session 1
7 terms
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StudBud Administration
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8 plays
Basics of economics
Flashcards
7 cards
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Practice quiz
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Host live
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Questions
7
Answers
1
An opportunity cost is
the interest on unpaid bills.
the overall cost of all expenses
the item you gave up to purchase the item you chose.
the cost of buying instead of saving
2
Who determines demand?
The President
Buyers
European Central Bank
Sellers
3
demand and supply
If demand&supply increase hand in hand, prices go up
If demand increases and supply decreases, prices go down
If demand decreases and supply increases, prices go up
If demand increases and supply decreases, prices go up
4
Demand and Supply
interaction between buyers and sellers
interaction between teachers and students
interaction between workers and owners
interaction between government and citizens.
5
Demand is...
A person who makes a good or provides a service.
Goods that are used to make other goods/to provide services.
People's willingness to buy goods or services.
Something people buy that you can hold or touch.
6
Microeconomics involves...
Individuals, households, and businesses.
The broader economy.
Only households selling resources.
Inflation, growth, employment, interest rates.
7
All choices entail an opportunity cost
False
True
