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Econ Basics
Econ Basics
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1-5 of Glencoe Economics
Flashcards
26 cards
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Practice quiz
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Host live
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Questions
26
Answers
1
A calculation of a country's economic activity in a year
GOP
LOL
GDP
PVP
2
Mc Donalds buying Wendy's would be
vertical merger
horizontal merger
3
T/F after a certain point the returns on your consumption or creation begins to go be negative
True
False
4
a product that's price does not change much when variables shift is
elastic
inelastic
static
dynamic
5
The idea of trade between two groups happening mutually is
a firm handshake
free trade agreement
voluntary exchange
"let's do this" pact
6
The initial amount put into an investment is called
starting sum
cash value
principal
interest
7
Which of the following is NOT a factor of production
Labor
Capital
Work Ethic
Land
8
The idea that all resources are limited is
Whoa! We're almost out of ...
Economics
scarcity
production
9
The idea that every decision made means anther decision can't be made
trade-off
idea split
4th option
mistake
10
A system that allows buyers and sellers to exchange specific goods or services
wealth
Company
Industry
Market
11
A government payment to producers of certain goods in order to affect supply is
subsidy
look-out payment
hand out
supply settlement
12
A capitalist system without government interference
free enterprise economy
socialism
modified free economy
mixed economy
13
An entrepreneur
is a menial laborer
owns his/her own small buisness
runs a major company
collects unemployment
14
T/F The economy today is globalized
True
False
15
Communism is a type of economy focused on
Central Ownership and regulated markets
Private Ownership and free markets
Slavery
Nope
16
Economics is the study of
money
Value, markets, and finances
E-harmony acounts
Episodes of ER
17
The earnings produced by your initial investment are called
profit
interest
value added
earnings
18
Standard of Living measures
quality of life in an entire country
levels of individual debt vs individual profit
how much each person makes over a period of time
19
A stock is
some cash for the road
sole ownership of a company
a third option
a piece of the company
20
Windows buying a computer manufacturer would be
vertical merger
horizontal merger
21
The necessary struggle between two companies of similar goods and services that affects prices
profit
fight
customer stealing
competition
22
Costs that occur regardless of company activity are considered
over-head
fixed costs
variable
lost causes
23
Price Going down makes supply go
down
halve
not change
up
24
Capitalism is a type of economy focused on
Slavery
Nope
Private Ownership and free markets
Central Ownership and regulated markets
25
the calculation of how much you've gained over the year is
profit
surplus
gross
income
26
Price Going up makes Demand go
down
up
not change
double
