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Economy Questions Flashcards | StudBud

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Economy Questions

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Questions 10

Answers

1
An example of this cost would be college.
Opportunity cost
Sunk Cost
Variable Cost
Fixed Cost
2
Where on the east coast is the stock exchange located?
Staten Island
NYC
Jersey City
Newark
3
Define Scarcity
Too few goods and too much demand
Circular flow model
Too many goods and not enough demand
A sufficient amount of goods and demand
4
_______ Flow Models display the flow of resources, products, income, and revenue.
Circular
Transcendent
Triangular
Scientific
5
What are traditional economies shaped by?
Shaped by the Government
Shaped by Mr. Marsh
Shaped by Economists
Shaped by Custom or Reigion
6
The Dow Jones is up around 360 points today. True or False.
False
True
7
______ Costs that you have incurred and cannot recover.
Opportunity Costs
Sunk Costs
Fixed Costs
Variable Costs
8
What is the problem with Pure market economies?
Competition and Monopolies
Each additional increment of one good requires economy to give up increment
Mr. Marsh
Shows combinations of 2 types of goods that can be produced when available
9
What is Capitalism?
Economic system done privately and for profit
Businesses are held publicly and privately.
This is a less developed economy where things are bartered and traded.
The central government carries all business operations.
10
What is an example of a comparative advantage?
Workers with lower opportunity costs should specialize in a product.
College for example, it’s an opportunity to give up something.
Being able to do something using fewer resources than others.
Someone specializes in putting tires on and someone else paints the car.