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Introduction to Economics
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
_________ are used to produce goods and services to satisfy human needs and wants.
Resources
Human Resources
Natural Resources
Labour
2
What are the variable(s) in Law of Supply and Demand?
Quantity and Price
Quantity
No variables
Price
3
Good and services people desire to have are called
Needs
Goods
Wants
Services
4
What is demand?
when a karen demands to see the manager
relationship between people and their money
how much people are willing and able to buy a good
how many people want to buy a good
5
A rise in the price of burgers may lead to an increase in demand for
coleslaw
hot dogs
relish.
buns.
6
People who have enterprise and can control and run firms
Politicians
Entreprenuers
Managers
Workers
7
A drop in the price of burgers may lead to an increase in demand for
coleslaw
relish.
hot dogs
buns.
8
Demand depends on the willingness and ability of
donors to contribute.
consumers to purchase.
producers to produce.
advertisers to promote.
9
A situation where there is not enough to satisfy everyone's needs and wants
Scarcity
Paucity
Enterprise
Economic problem
10
The law of demand states that as price increases
wages decrease.
quantiy demanded decreases
production increases.
price increases.
11
how does supply and demand determine equilibrium price and quantity
The price doesn't determine equilibrium
price makes quantity demanded equal to quantity supplied
The price is unrelated to the good in question
The price makes the quantity demanded impossible to reach
12
What is one determinant of demand?
number of sellers
Input Price
number of buyers
Technology
13
The law of demand states that as the price decreases
Quantity demanded decreases
Demand decreases
Demand increases
Quantity demanded increases
14
Items such as Bread, T.V., Car, Fruits etc. are called
Goods
Services
Perishable
Capital
15
Quantity demanded moves along the demand curve in response to changes in
income
preferences
expectations
price
16
The situation where unlimited wants exceed scarce resources is
Paucity
Scarcity
Economic Problem
Factors of Production
17
According to the law of supply, what happens as price decreases?
The quantity supplied increases.
The supply curve shifts to the right.
The quantity supplied decreases.
The supply curve shifts to the left.
18
Ability to run a production process includes business skills, decision making and risk taking
Entreprenuer
Business
Enterprise
Capital
19
The demand line slopes
upwards right to left
straight across
upwards left to right
downwards left to right
20
The best alternative foregone is called
Production Possibility
Economic Problem
Factors of Production
Opportunity Cost
21
Also known as natural resources and includes fertile soils, minerals, animals, wood etc.
Capital
Land
Labour
Earth
22
A decrease in demand is shown graphically by
A movement downward
A shift to the left in the demand curve
A movement upward
A shift to the right in the demand curve.
23
__________ studies human decisions solving problems about limited resources and unlimited wants.
Economics
History
Drama
Political Economy
24
Physical and mental efforts of humans to make good and services
Land
Labour
Capital
Enterprise
25
what is the law of supply?
when price and quantity both increase.
when the price rises the quantity increases.
none of the above
the price decreases when the quantity increases.
26
Where people and firm produce, exchange and consume goods and services.
Country
Economics
Economy
Society
27
The Law of Supply states that when the price decreases:
The quantity stays the same
The quantity increases
The quantity is a farce
The quantity decreases
28
What is a demand schedule?
the price demanded of a good at different quantities
the quantity demanded of a good at different price levels
graph showing how the demand for a good changes with price
when the quantity of supply raises the demand
29
Basic Human necessities are called
Desires
Necessities
Wants
Needs
30
The Economic resources of Labour, Land, Capital and Enterprise are called
Economic Problems
Natural Resources
Resources
Factors of Production
