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Basics of Economics: Vocab Flashcards | StudBud
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Basics of Economics: Vocab
Basics of Economics: Vocab
30 terms
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review for quiz #1
Flashcards
30 cards
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Questions
30
Answers
1
In economics resources are...
Used to create goods and services
Unlimited
Infinite
Types of income
2
resources that can be replaced are
permanent resources
extra resources
renewable resources
nonrenewable resources
3
Producer or Consumer?
Consumer
Producer
4
Define Profit
All of the above
The left over money after paying business costs and selling products
The money you lost
The money that was given to other businesses
5
Wants vs. Needs- Which one of these is a need:
Friendship
Music
Internet
Water
6
What can Natural Resources also be referred to?
Raw Materials
All of the above
Extractors
Materials Produced in a factory
7
Consumer or Producer?
Producer
Consumer
8
What does wages mean?
a bet
payment for a job
water resource
an idea
9
Producer or consumer?
Producer
Consumer
10
Definition of needs VS Wants in economics
Both are the right definition
A want is not needed but is wanted
A need is something absolutely necessary to survive
None are the right definition
11
You decide to buy a football instead of a basketball. What is the opportunity cost?
football
soccer ball
basketball
softball
12
You decide to go see a movie with your friends instead of buying a new video game. What is the opportunity cost?
seeing the movie
your money
your friends
the video game
13
Define: supply
money a company makes after all expenses are paid
how much buyers want that good or service
how much of a good or service the seller has
a working person
14
What is a salary?
The fixed pay for regular work
Not getting paid for working
Going to work
Getting paid every once in a while
15
Consumer or Producer?
Producer
Consumer
16
Examples of services include:
Selling fruit and cutting hair
Teaching swimming and cutting hair
Building roads, schools and homes
All of the above
17
True or false: trade is part of economics
False
True
18
Which is the definition of profit?
The total amount of supply a business has
Earnings after all expenses have been paid
The money a business losses
Things that change economic behavior and choices
19
What is economics?
How much something weighs
How much something costs
The study of the economy, or the part of a society that creates wealth
The study of human interaction as a whole
20
Definition of Services?
study of individual economic units such as businesses and households
working in car insurance
goods and services that are desired
tasks performed in exchange for something of value such as money
21
Opportunity cost may refer to money or time.
false
true
22
What does goods mean?
money
how it feels to spend money
the opposite of bad
what people make or grow to then sell
23
Resources that exist without human kind.
Ecology
Natural Resources
Matter
Species
24
In economics a producer is...
A person in charge of making a movie.
A person who buys goods and services.
A company or person who creates goods and services to sell.
Someone who creates something.
25
Demand is
the amount of something that is available
the number of people who want or need something
another name for a service
a name of a coin used in the Ukraine
26
You go to the store and choose to buy ice cream instead of gum. What is the opportunity cost?
ice cream
your time
gum
money
27
A consumer is...
A person who eats food
A business that sells goods and services
A person who wastes goods and services
A person who buys goods and services
28
opportunity cost
cost of choosing one opportunity or investment over another
cost of selling a business to begin another
cost of operating a business
earning the best profit possible
29
resources that can not be replaced
permanent resources
renewable resources
extra resources
nonrenewable resources
30
Human resources
doing something you don't want to do
is labor done by people that create goods and provide service
are for regional managers only
can only be found on the internet
