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Economics 1.2 Flashcards | StudBud
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Economics 1.2
Economics 1.2
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1.2 Basic Economic Concepts
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The term describes the market force that helps demand and supply reach an equilibrium.
My Left Foot
The Invisible Hand
The Invisible Man
The Missing Hand
2
Adam Smith discusses the ability/skills of a nation's people in what document?
Proclamation of Economics
Wealth of Nations
"As The World Turns" Pamphlet
Declaration of Independence
3
Who is the Father of Economics?
Adam Levine
Donald Trump
Adam Sandler
Adam Smith
4
Workers who do one task many times become more proficient than those who do many tasks.
Division of Labor
Economic Interdependence
Specialization
Economic Growth
5
Any good that lasts more than 3 years with regular use
capital good
durable good
consumer good
nondurable good
6
The sum of the skills, abilities, health and motivation of people...
Human Capital
Productivity
Consumer Benefits
GDP
7
The sum of those products that are tangible, scarce, useful, and transferable is called:
Factor Market
Wealth
A Jackpot
Gross Domestic Product
8
According to Economists, what is required for something to have monetary value?
Wealth
Sentimentality
Dependability
Scarcity/Utility
9
Measure of the amount of output produced by given amount of inputs in a specific period of time
Workload
Productivity
Consumer Spending
Business Income
10
What do individuals who give their labor to the factor market receive in exchange?
Productive Resources
Business Income
Goods and Services
Income from Resources
