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Economics chapter 1 basics of economics Flashcards | StudBud

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Economics chapter 1 basics of economics

11 terms·StudBud Administration

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Questions 11

Answers

1
When did the UK vote to leave the EU
23 June 2016
28 July 2016
19 August 2016
5 May 2106
2
When did Ireland join the EU
1971
1969
1973
1975
3
Opportunity cost
The best alternative foregone When a choice is made
Whether or not we should wait for a better alternative in the near future
The cost of a cheaper alternative
How much of something can be bought
4
What is scarcity
having more resources than needed
refers to a lack of resources
refers to the gap between limited and unlimited resources
having the wrong type of resources
5
What caused an economic crash in 2020
Covid 19
America 2020 elections
Brexit
Housing crisis
6
What is a normative Economic statement
Statements that are opinion based
Statements that are concluded by the government
Statements that are fact based
Statements that are concluded by the general masses
7
What is a positive economic statement
Opinion based statement
A pricise and fact based statement that can be proved with data
8
What is an economic shock
When a country recieves sudden amounts of higher tax money
A sudden surge in inflation
A mass loss of jobs
An Unpredictable Event that affects the economy
9
What is a regulation
A punishment when laws are not followed
A proposal for a new law
the passing of laws into parliament
A Law that must be followed
10
What is an incentive
Something that motivates an individual or firm to act a certain way
A rule that affects the population
A rule that is in place that affects the economy
A Punishment for breaking rules
11
What is economics
How many taxpayers are in a country
the study of how society uses its limited resources
How a countries market compares to the nation market
A study of the value of inflation