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Basic Economic Concepts Flashcards | StudBud
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Basic Economic Concepts
Basic Economic Concepts
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Name a more iconic trio?....I'll wait
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
What does an outward shift of the PPC mean?
specialization and trade
technological advances
better resource quality
economic growth
2
What is absolute advantage?
all of the above
the highest opportunity costs
who produces the best quality of a product
who can produce more with the resources they have
3
What are the factors of production?
Goods and Services
None of the above
RWIP
LLCE
4
In order to use our resources in the best way we need to achieve;
None of the above
Allocative and productive efficiency
Goods and services
Full employment and full production
5
Define "full production" in economic terms
Productive and allocative efficiency
Producing what is most wanted by society
Producing in the least costly way
None of the above
6
What factors contribute to economic growth
A raise in minimum wage
A surplus of money
An increse in resource supplies
Technological advances
7
What is economics?
The study of money
None of the above
Efficient use of scarce resources to reach max satisfaction
How people use money
8
What does the Production Possibilites Curve show
The combo of goods and services produces w/ scarce resources
Opportunity costs
None of the above
A bode curve with points of production
9
How do economic systems differ?
private ownership
who owns the factors of production
a central planning agency
methods used to coordinate and direct economic activity
10
Which describes a market system?
a command economy
a central planning agency makes all the decisions
a mechanism to respond to the economizing problem
private ownership of resources
11
How is the circular flow of economics divided?
product and resource market
goods and services
rent, wages, interests, and profit
land, labor, capital and entrepreneurship
12
What is an oppurtunity costs?
All of the above
Sacrificing one product for another
Choosing between capital goods and investment
Trade off
13
What is the accumulation/buying of capital goods known as?
economic gain
human capital
stock
investment
14
Explain the marginal analysis concept
Allocative efficiency
All of the above
P=Q
MB=MC
15
What is scarcity?
Having too much of a resource
None of the above
Not having enough of something
Having the right amount
16
What is comparative advantage?
The lowest opportunity costs
Producing more with the resources you have
which company can produce more efficiently
None of the above
17
Define the word marginal in economic terms
Satisfaction
The more of a product you buy = less satisfaction
Extra or additional
N/A
