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Duplicate of Duplicate of Basics of Economics
Duplicate of Duplicate of Basics of Economics
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StudBud Administration
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Unit 1 Basics of Economics
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
All choices present are called your trade offs
True
False
2
Which of the following is an example of capital?
Hammer
oil
Steve Jobs
tree
3
Next best thing...
miss outs
ratio
opportunity cost
trade-off
4
condition where our wants are greater than the resources
want
scarcity
resource
allocation
5
Surplus is above the equilibrium?
False
True
6
What is economics? the study of
the allocation of unlimited resources to meet unlimited need
Study of how to firms, people, businesses use their resources
the allocation of unlimited resources to meet limited needs
the allocation of limited resources to meet limited needs
7
economic systems where the governments role is non exsistent and buyers/sellers make most decisions
totalitarianism
free market
communism
mixed economy
8
True of False: Competition is good for the consumer
true
false
9
Market Equilibrium is when the demand curve?
When there is a steady supply
Is at its highest value
Is at its lowest value
Meets the Supply Curve
10
When supply decreases the supply curve shifts
Right
Left
11
People who develop an idea and seek out resources are called?
capital
labor
entrepreneurs
sharks
12
In supply and demand,
supply
means
the same as demand.
something you give people before they ask for it.
the amount of money people want to spend.
the amount of something that people want to sell.
13
tasks that you pay others to perform
services
goods
14
economic system where the government owns and controls all of the resources
command
market economy
traditional
mixed economy
15
which of the following is NOT one of the 3 main economic questions
how to produce
where to produce
for whom were producing for
what to produce
16
All of the following are factors of production, except
land
income
labor
capital
17
This is an example of a limited resource
air
trees
mud
oil
18
In a mixed economy....
all economic decisions are made by the government
production is determined by gov regulations and individual choice
all economic decisions are made by the free market
production is determined by family tradition and individual freedom
19
The United States has a mixed economy
True
False
20
Trees are an example of Labor
False
True
