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Basic economic concepts Flashcards | StudBud
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Basic economic concepts
Basic economic concepts
16 terms
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StudBud Administration
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Questions
16
Answers
1
What changes with status quo and is the benefits and costs of items.
Marginalism
Self interest
Opportunity cost
Law of Increase
2
What is the best meme
Timbs
Pepe
Ur mom
Lamb sauce
3
Where do buyers and sellers come together
Unemployment
Market
Business
Households
4
RWIP goes from who to who
Household to government
Business to household
Household to business
Productmarket to resource market
5
Developed to organize production of items to satisfy needs and wants.
Opportunity cost
Economies
Economics
Productive efficiency
6
Study of how we use our scarse resources to fulfill our needs and wants
MB=MC
Economics
Rational self Interest
Dog
7
What is NOT one of the four parts of Economic Growth
Better resources
Technology
Number of sellers
Specialization and Trade
8
Private ownership of a certain use of resources in a market is...
Command system
Satisfaction
Output
Market system
9
Which nation has the Comparative and absolute Advantage
B, A
B, B
A, B
A, A
10
Who can produce more with resources they have
Market
Absolute Advantage
PPC
Command system
11
Which of these is not a factor of resources
Marginalism
Land
Entrepreneurship
Labor
12
What is comparative advantage?
Who can produce with highest opportunity cost
Who can produce with lowest opportunity cost
Price
MB=MC
13
What is happening with this PPC
Decreasing
Increasing
Constant
No change
14
At which point on the graph is the unemployment high?
D
A
C
F
15
What is Scarcity
Buyers and sellers come together
Needs are unlimited but resources are scarse
Capital
Individuals pursue what will give them greatest satisfaction
16
What is the amount of one product that must be forgone or sacrificed to produce another product
Productive efficiency
Trade off
Opportunity cost
Unemployment
