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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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A brief review of some key terms and concepts for a Freshman #Economics course.
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
How do economists classify the raw materials used in producing any good or service?
Land
Human Capital
Capital
Labor
2
What is a rivalry among companies to sell goods or among consumers to buy goods or get jobs?
Supply
Competition
Utility
Opportunity Cost
3
Wages drop when which of the following competes with others like itself?
Utilities
Consumers
Companies
Laborers
4
What do economists call a cost that has already been incurred (paid for)?
Capital
Opportunity Cost
Utility
Sunk Cost
5
The price of goods grow when which of the following competes with others like itself?
Consumers
Utilities
Laborers
Companies
6
What is the MAIN constraint that forces people to make choices?
Resource constraints
Technology constraints
Motivation constraints
Time constraints
7
What is the economic term for having too much of a good thing?
Diminishing Returns
Utility Futility
Sunk Cost
Opportunity Cost
8
What is the study of how people make decisions to get the most out of their limited resources?
Scarcity
Economics
Utility
Oligopoly
9
What is anything that motivates a person to perform a desired action?
Utility
Human Capital
Incentive
Property
10
According to economists, what is the driving factor behind all human action?
Self-interest
Selfishness
Utility
Money
11
What is an industry with only a few firms or companies?
Oligopoly
Monopoly
Utility
Property
12
How do economists classify the work performed by people to produce goods or services?
Land
Capital
Human Capital
Labor
13
What is the total amount of a good that is produced and available to consumers?
Capital
Scarcity
Supply
Demand
14
What is a firm or company with no competitors in its industry?
Oligopoly
Property
Monopoly
Utility
15
What are all the resources used to create goods and services called?
Capital
Property
Factors of Production
Supply
16
How do economists classify the factories or roads used to produce goods or services?
Capital
Human Capital
Land
Labor
17
The price of goods drop when which of the following competes with others like itself?
Companies
Consumers
Laborers
Utilities
18
What is the total amount consumers are willing to pay for goods and services?
Sunk Cost
Opportunity Cost
Demand
Capital
19
T/F: The wealthy don't have to deal with scarcity.
False
True
20
What is a thing or things belonging to a person or a group?
Capital
Supply
Land
Property
21
Incentives are used to ensure which factor of production is efficiently producing something?
Capital
Human Capital
Labor
Land
22
When poorly put together, what can lead to environmental disaster?
Opportunity Cost
Oligopoly Regulation
Property Rights
Scarcity Management
23
What is the value of the next best alternative "thing" that you could have chosen?
Sunk Cost
Incentive
Demand
Opportunity Cost
24
How do economists classify the skills of workers used to produce a good or service?
Human Capital
Capital
Land
Labor
25
What is the main factor economists look for to determine whether or not a society is a success?
Efficiency
Scarcity
Utility
Property
26
What term refers to the fact that there aren't enough resources to satisfy all our wants?
Opportunity Cost
Sunk Cost
Scarcity
Economics
27
Finishing a class you don't need simply because you already paid for it is an example of what?
Sunk Cost
Scarcity
Opportunity Cost
Utility
28
What is a measure of happiness that people use to compare all possible outcomes?
Human Capital
Utility
Demand
Incentive
