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Intro to Business Economics Flashcards | StudBud
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Intro to Business Economics
Intro to Business Economics
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An introduction to the basic concepts of economics
Flashcards
36 cards
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Practice quiz
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Questions
36
Answers
1
The money left over after a business has paid the cost of providing a good or service is called
A service
An opportunity cost
A resource
A profit
2
As the price of a good increases, the quantity supplied will increase
Supply curve
Law of demand
Law of supply
Demand curve
3
As the price of a good increases, the quantity demanded will fall
The demand curve
The supply curve
Law of demand
Law of supply
4
What is a variable cost?
Costs that business absorb
Costs based on demand
Costs businesses can't pay
Costs that increase or decrease based on quantity
5
What is the Federal Reserve?
The Ben Burnanke Industry
The Central Bank for the United States
The Federal Economic Study Group
6
Competition is?
Contest between business to win customers
Money
How societies decide what to produce
Resources
7
What you give up to get something else is?
Scarcity
Law of Demand
Opportunity Cost
Law of Supply
8
Because we have limited resources, but unlimited wants and needs, we have the problem of what?
Law of Supply
Scarcity
Law of Demand
Opportunity Costs
9
The automatic tendency for price to adjust towards equilibrium is called?
The Invisible Fist
Price Floor
Price Ceiling
The Invisible Hand
10
When the Government decides what goods and services to produce & regulates how much to charge
A Mixed Market Economy
A Mixed Economy
A Market Economy
A Command Economy
11
A blend of both capitalism and socialism
Market Economy
Supply Economy
Mixed Market Economy
Command Economy
12
What is a fixed cost?
Costs that business can't pay
Costs that increase or decrease based on quantity
costs based on demand
Costs absorbed by the business
13
A service is........
Items that people can use to make or obtain what they need
Physical product
Things you must have in order to survive
Tasks that businesses perform for consumers
14
Years of Economic activity slow down
Depression
Recovery
Recession
15
A short time of economic activity slow down
Depression
Recovery
Recession
16
Items that people can use to make or obtain what they need or want are called?
Profits
Resources
Services
Goods
17
A want is..........
tasks that business perform for other people
Things you have to have to survive
items that people can use to make or obtain other items
Things you would like but do not need in order to survive
18
What determines prices in a market economy?
Profits
Costs
Resources
Supply and Demand
19
Things you have to have in order to survive are?
Services
Wants
Resources
Needs
20
The number of goods/services that a business needs to sell before making a profit is called?
The point of scarcity
The middle ground
The breakeven point
The equilibrium
21
What is the equilibrium price?
Where demand is not an issue
Where supply is greater than demand
Where supply equals demand
Where supply is less than demand
22
When an individual makes decision on production based on supply and demand
Market Economy
Blended Economy
Command Economy
Mixed Market Economy
23
A consumer is?
A person who uses goods or services
A person who buys goods or services
24
A decrease in the price of goods/services
Inflation
Deflation
Surge
Subflation
25
One of the most important indicators of the status of the economy is?
The DRT
The GDP
The FBI
The Stock Market
26
Shows the total quantity of a good that sellers are willing to pay at a given price
the supply curve
the law of supply
the demand curve
the law of demand
27
What are the four factors of production?
Capital, Natural, Scarcity, Time
Entrepreneurial, Labor, Industrial, Time
Natural, Labor, Capital, Entrepreneurial
Labor, Capital, Opportunity, Money
28
A customer is?
A person who buys goods or services
A person who uses goods or services
29
Shows the total quantity of a good that they buyers wish to buy at a given price.
The Supply Curve
The Law of Supply
The Law of Demand
The Demand Curve
30
Economic resources necessary to produce a society's goods and services
Law of Supply
Costs
Factors of production
Opportunity Costs
31
Which law has a positive relationship between price and quantity?
Supply Curve
Law of Supply
Law of Costs
Law of Demand
32
Which law has a negative relationship between price and quantity?
Law of Scarcity
Law of Costs
Law of Supply
Law of Demand
33
An increase in the price of goods/services
Subflation
Inflation
Surge
Deflation
34
A rise in business activity after a recession or depression
Surge
Recovery
Come back
35
A way of thinking about and trying to explain the choices in individual makes is......
resources
economics
business cycle
scarcity
36
A good is.......
Money
A physical product
Tasks that businesses perform for consumers
Contest between business to win customers
