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Economics Vocab Review Flashcards | StudBud
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Economics Vocab Review
Economics Vocab Review
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1
The price of home computers rises. According to the LAW OF SUPPLY, what will computer companies do?
Stop making computers
Make more computers
Make fewer computers
2
Which of the following products would be considered COMPLIMENTS?
Lawn mowers and cars
Toothbrush and Toothpaste
Pepsi and Coke
3
Which of the following items might you find on the BLACK MARKET?
Illegal Goods
Produce/Food products
Video Games
4
Due to SCARCITY, what must we do in economics?
Make choices between unlimited wants and needs and limited resources
Rely on the government to assist us
Accept the fact that most of us must live in poverty
5
A market structure in which a large number of firms all produce the same product and no 1 controls price or supply
Imperfect Competition
Perfect Competition
Monopoly
6
Where does FIAT MONEY get its value?
it is backed by gold and silver
The government
it is backed by something of value like an I.O.U.
7
TOTAL COST includes...
Variable costs and fixed costs
Average costs and start-up costs
Fixed costs and operating costs
8
Which situation might lead to a SHORTAGE?
Quantity demanded is greater than quantity supplied
Quantity demanded is greater than price
Quantity supplied is equal to quantity demanded
9
What are the three FACTORS OF PRODUCTION?
Technology, productivity, and labor
Land, labor, and capital
Scarcity, choice, and demand
10
The INVISIBLE HAND is...
The knowledge and skills a worker gains through education and experiences
The process we go through when we make a choice
The self-regulating nature of the market using competition, incentives, etc
11
A _____________ is a market based economic system in which the government is involved to some extent.
Mixed Economy
Traditional Economy
Command Economy
12
Who faces the GUNS OR BUTTER dilemma?
People deciding to spend money on black Friday
The Government
A company deciding to make guns or butter
13
The use of assets to earn income or profit using stocks, bonds, mutual funds, etc is known as...
Saving
Budgeting
Investing
14
According to the LAW OF DEMAND, if the prices of video games goes up...
people will buy more
people will buy the same amount
people will buy less
15
Which of the following is a GOOD?
Haircut
Carwash
Pencil
16
In order to create true DEMAND, a person must...
Order an item
Just want it
Want it and be able to pay for it
17
The OPPORTUNITY COST of a choice is the...
total of all the other things you could have had
how much you paid for the item
The next most desirable alternative given up by a choice
18
A product's ELASTICITY refers to...
how drastically the quantity will react when there is a price change
how much will sell in a down economy
how it is made
19
How many companies operate in an industry that has an OLIGOPOLY?
1
Over 10
2-4
20
Which of the following businesses is considered a FRANCHISE?
Red Cross
Reid Hospital
Burger King
