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Ch 16 Basics of Economics and Scarcity Flashcards | StudBud
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Ch 16 Basics of Economics and Scarcity
Ch 16 Basics of Economics and Scarcity
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Basics of Economics and Scarcity
Flashcards
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Questions
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Answers
1
Which of these is a characteristic of a scarce resource?
The resource has a limited supply and there is a demand 4 it
It is not in demand and there is no supply
It is in demand but there is no supply of it
There is unlimited supply and limited demand for it
2
Which of these is an opportunity cost?
An individual goes to Best Buy and purchases a dryer
An individual buys Starbucks instead of saving for a trip
An individual goes to the gas station to purchase gas
An individual goes to McDonald's for a burger
3
Resources are:
Human resources like workers
The factors used to produce goods and services
Wealth
Human ingenuity
4
If a resource is scarce...
Society is not wealthy enough to purchase the resource
The resource is no longer available
The wants and needs of a society outnumber the resource
The resource is unlimited
5
What is a capital good?
Goods used in Baton Rouge
Services that people purchase
goods that are used in producing other goods
goods that are using only to consume
6
shows the combination of goods /services produced in specific amt. of resource & time
Circular-Flow Model
Factors of Production
Production Possibility Curve
Opportunity Cost
7
Which part of the circular flow model does "A" in the picture represent?
Goods and Services Bought
Factors of Production
Labor, Land, Capital
Goods and Services Sold
8
Which Scottish economist wrote "Wealth of Nations"?
John Keynes
Karl Marx
Jacques Cousteau
Adam Smith
9
describes competition guiding individuals working for own self interest & helps society
laissez faire
broken window
invisible hand
division of labor
10
Of these resources, which is scarce?
Land
Labor
Capital
All of them are
11
Which part of the circular flow model does "3" in the picture represent?
Markets for Factor of Production
Markets for Goods and Services
Households
Firms
12
Which part of the circular flow model does "I" in the picture represent?
Wages, Rent, and Profit
Revenue
Spending
Income
13
economic system in which decision are made by government
mixed market
command
market
traditional
14
See image
Economics
Scarcity
Supply
Resources
15
See image
Demand
Scarcity
Resources
Supply
16
economic system in which decision are made by indiviiduals rather than govt
market
mixed market
traditional
command
17
Which part of the circular flow model does "B" in the picture represent?
Labor, Land, Capital
Factors of Production
Goods and Services Sold
Goods and Services Bought
18
Which part of the circular flow model does "2" in the picture represent?
Markets for Goods and Services
Households
Firms
Markets for Factor of Production
19
The highest-valued alternative that must be forgone when a choice is made
Factors of Production
Trade Off
Opportunity Cost
Goods
20
term meaning the govt minimizes its interference in the economy
caveat emptor
division of labor
laissez faire
e pluribus unum
21
Which part of the circular flow model does "III" in the picture represent?
Wages, Rent, and Profit
Spending
Revenue
Income
22
Which of the following is an example of a macroeconomic question?
What effect would federal tax cuts have on unemployment?
Should Apple expand operations into space?
Should Ben & Jerry's expand their market?
How many tablets should Samsung produce in FY 2020?
23
See image
Demand
Resources
Supply
Scarcity
24
Economists use this to show how dollars flow through markets among households and firms
Circular-Flow Model
Factors of Production
Production Possibility Curve
Opportunity Cost
25
Which part of the circular flow model does "D" in the picture represent?
Goods and Services Bought
Factors of Production
Labor, Land, Capital
Goods and Services Sold
26
See image
Demand
Scarcity
Supply
Resources
27
Individuals and organizations that determine what products and services will be available
consumers
government
producers
entrepreneurs
28
owners or capitalists; upper class
bourgeousis
borshct
proletariot
coup
29
Which part of the circular flow model does "C" in the picture represent?
Goods and Services Sold
Labor, Land, Capital
Goods and Services Bought
Factors of Production
30
economic system in which decision are made by both individuals and the government
command
market
mixed market
traditional
31
When a consumer purchases a laptop from Best Buy:
Microeconomics
Communism
Macroeconomics
Fair trade
32
The gap between limited resources and theoretically limitless wants.
Resources
Supply
Demand
Scarcity
33
Which of the following is an example of a microeconomic question?
How many tablets should Samsung produce in FY 2020?
Does the increase in Venezuela's GDP increase longevity?
Should Congress lower tax rates?
What effect would federal tax cuts have on unemployment?
34
Actions or activities that one person performs for another
Services
Goods
Opportunity Cost
Factors of Production
35
Land, labor, capital, and entrepreneurship
Services
Goods
Factors of Production
Opportunity Cost
36
Which part of the circular flow model does "1" in the picture represent?
Markets for Factor of Production
Firms
Households
Markets for Goods and Services
37
Which part of the circular flow model does "4" in the picture represent?
Markets for Factor of Production
Households
Markets for Goods and Services
Firms
38
Giving up one thing in favor of another
Goods
Trade Off
Opportunity Cost
Factors of Production
39
Which German wrote Das Kapital and the Communist Manifesto
Adam Smith
Jacques Cousteau
John Keynes
Karl Marx
40
economic system in which decision are made by tradition and custom
traditional
mixed market
market
command
41
Tangible products that we use to satisfy our wants and needs
Services
Factors of Production
Goods
Opportunity Cost
42
Which part of the circular flow model does "II" in the picture represent?
Income
Spending
Revenue
Wages, Rent, and Profit
43
Which of the following best captures scarcity, the most fundamental economic problem?
There are unlimited resources + unlimited wants in the world
There are limited resources but unlimited wants in the world
Resources and wants are both infinite
There are unlimited resources but limited wants in the world
44
The economic theory that is seen as an analogy for choices between defense + civilian spending
Missiles and butter
Guns and milk
Guns and cream of wheat
Guns and butter
45
Which part of the circular flow model does "IV" in the picture represent?
Spending
Revenue
Income
Wages, Rent, and Profit
