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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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1
Which is economic law that states all things are limited; you must give up something to get something else.
Law of Scarcity
Law of Supply
Law of Conservation
Law of Demand
2
Command economy is a system in which the market is regulated by the government.
True
False
3
Increasing Opportunity Cost is where...
producing more of one good requires giving up more and more of another
the cost remains the same as producers shift from one product to another.
4
The United States is a... economy
Mixed
Command
Capitalist
Feudalist
5
Someone who buys or rents goods and services is called a...
Economist
Capitalist
Producer
Consumer
6
What are the four Factors of Production?
Supply, demand, efficiency, labor
Minerals, labor, capital, management
Land, labor, capital, management
Water, earth, fire, air
7
Efficiency is using resources to maximize production
True
False
8
Which term is defined as the exchange goods without involving money?
Mercantilism
Trade-off
Communalism
Barter
9
Economics is...
the social science that deals with ways in which scarce resources are used.
the amount of goods available.
a country's basic way of producing and trading goods.
a social scientist who studies how we use our resources.
10
A Production Possibilities Curve shows the potential output combinations of four or more goods.
False
True
