stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Basics Flashcards | StudBud
Explore
/
Economics Basics
Economics Basics
34 terms
·
StudBud Administration
·
51 plays
Basics of Economics
Flashcards
34 cards
F
Practice quiz
P
Host live
L
Questions
34
Answers
1
Because scarcity exists, that means we have to make difficult choices. The choice given up is..
unfortunate
trade-off
opportunity costs
opportunity lost
2
When there is a surplus of goods, what do suppliers do to rectify the situation?
Keep prices the same! Demand will return.
Increase prices! They want to make more money.
Prices will decrease! Not enough demand for the product.
3
When prices are high, suppliers are willing to supply ____________ of a product.
the same amount
less
more
4
At any price above the _________ there will be a surplus.
supply
demand
market price
equilibrium point
5
As prices go up, the quantity demanded will go___?
flat
up
down
sideways
6
The people that work to provide goods or services
capital
all of the above
land
labor
7
Type of economy based on history and community
traditional
market
mixed
command
8
As prices go up the quantity supplied will go ___?
sideways
up
down
flat
9
An object that a person can hold and wants to purchase
product
services
pencil cases
goods
10
Unlimited human wants and needs, can't be met by the resources available.
never enough!
surplus
shortage
scarcity
11
The next best option is my....
opportunity cost
trade-off
second choice
12
As prices decrease, the quantity supplied will go ___.
all around
sideways
up
down
13
If a new product is introduced to the market, what happens to the existing quantity demanded?
the quantity supplied increases
the quantity supplied decreases
the quantity demanded decreases
the quantity demanded increases
14
When there is a shortage or surplus, prices are forced back towards what point?
market price
equilibrium point
market point
my happy place
15
The law of demand is...
as P increases QD decreases
as P decreases QD increases
as P increases QD increases
as P decreases QD decreases
16
When prices of a good increase producers want to sell __________ of a product.
less
the same amount
more
17
Goods produced and used to create other goods
machinery
capital
land
labor
18
An extra amount of something
shortage
demand
supply
surplus
19
An action that person provides for someone else
none of the above
service
goods
mail person
20
An entrepreneur is a person who....
throws caution to the wind and drives over the speed limit!
partakes in risky business ventures
is overly ambitious with unlimited capital
takes a risk by starting a business
21
The amount of goods produced or demanded.
amount
quantity
supply
demand
22
The amount of a product or service that buyers are willing and able to buy at different prices
demand
supply
equilibrium
shortage
23
The amount of a product that producers are willing and able to offer at different prices
supply
market
surplus
demand
24
the law of supply is...
as P increases QS decreases
as P increases QS increases
as P decreases QS decreases
as P decreases QS increases
25
If an improved technology is introduced, what happens to the quantity supplied?
price per unit increase
price per unit decreases
quantity demanded decreases
the quantity supplied increases
26
Type of economy that is based on competition
market
command
mixed
traditional
27
An economy decides...
who gets the resources
how resources are allocated
what resources are produced
none of the above.
28
Natural resources, all things on Earth not created by humans.
all of the above
labor
land
capital
29
When there isn't enough of something.
low supply
shortage
high demand
surplus
30
As prices go down the quantity demanded will go ___?
sideways
down
flat
up
31
When prices are ______ buyers will demand more of a product
high
market price
the same
low
32
Another product in a market that fills the same need.
Big Bird
complimentary good
competition
substitute
33
The point on the graph where the quantity supplied and quantity demand intersect.
market price
supply curve
equilibrium point
demand curve
34
What are the three aspects of production?
capital, people, money
land, people, money
land, labor, and capital
natural resources, products, consumers
