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Econ- Per 8: Basics of Economics Flashcards | StudBud
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Econ- Per 8: Basics of Economics
What is a Benefit
Which is an example of Thinking at the Margin?
Econ- Per 8: Basics of Economics
20 terms
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Quiz 1-Basics of Economics
Flashcards
20 cards
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Questions
20
Answers
1
Which is an example of Thinking at the Margin?
I want an A on this quiz
Mr. Rosenberg is the best
I'm deciding to buy more burritos than bagels
I'm deciding to buy an equal amount of burritos and bagels
2
What is a Benefit
Bad things about a choice
Good things about a choice
Not making a choice
No feelings about a choice
3
I decide to go to La Costa instead of Willys, even though Willys has the best bagels
Economics
Benefit
Thinking at the Margin
Trade-Off
4
Which of the following is NOT an example of a Need
Water
House
Phone
Food
5
Which of the following is a Service?
Shoes
Repairing someone's phone
Football
Phone
6
Something that is needed to make a good/service
Decision
Resource
Opportunity
Trade-Off
7
What is a Want?
An Economic Theory
Something that you need to live
The idea of making money
Something that you would like to have but don't need to live
8
Which of the following is NOT one of the three Factors of Production?
Labor
Land
Money
Capital
9
What happens to pricing, as the availability of goods increases?
Prices stay the same
Prices go up
Prices disappear
Prices go down
10
The producer has to change the price of goods due to so many people wanting it
Thinking at the Margin
Shortage
Opportunity Cost
Availability
11
What is the Opportunity Cost if I decided to stay up late and watch a movie?
I would enjoy the movie
I would be tired the next day
The availability of the movie would increase
I would lose money
12
Which of the following is a good?
Lebron James dunking the ball
Doctor checking someone's heart
A Pencil
Driving someone
13
◦Study of how people get what they need and want through making choices
Government
Economics
America
The American Dream
14
Someone who creates new goods and services
Entrepreneur
Economist
Consumer
Producer
15
Someone who makes a good or service
Producer
Economist
Soldier
Consumer
16
If there aren't enough resources for everyone's needs and wants, this is called
Scarcity
Opportunity Cost
Shortage
Availability
17
Which of the following is NOT a good or a service?
Mowing the lawn
Brentwood
Notebook
Singing for others
18
A chance to do something
Decision
Opportunity
Benefit
Cost
19
Someone who buys a good or service
Entrepreneur
Teacher
Consumer
Economist
20
Which of the following is an example of "The American Dream"
Getting a new phone
Not having to work for anything
Having Mr. Rosenberg as a teacher
Working hard to become a doctor
