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Ch 16 Basics of Economics and Scarcity Flashcards | StudBud
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Ch 16 Basics of Economics and Scarcity
Ch 16 Basics of Economics and Scarcity
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Basics of Economics and Scarcity
Flashcards
45 cards
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Questions
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Answers
1
economic system in which decision are made by tradition and custom
mixed market
market
traditional
command
2
Resources are:
The factors used to produce goods and services
Wealth
Human ingenuity
Human resources like workers
3
Giving up one thing in favor of another
Factors of Production
Opportunity Cost
Trade Off
Goods
4
Which of the following is an example of a microeconomic question?
How many tablets should Samsung produce in FY 2020?
Does the increase in Venezuela's GDP increase longevity?
Should Congress lower tax rates?
What effect would federal tax cuts have on unemployment?
5
Which of these is a characteristic of a scarce resource?
The resource has a limited supply and there is a demand 4 it
There is unlimited supply and limited demand for it
It is in demand but there is no supply of it
It is not in demand and there is no supply
6
Which part of the circular flow model does "IV" in the picture represent?
Spending
Income
Wages, Rent, and Profit
Revenue
7
Of these resources, which is scarce?
Capital
Labor
All of them are
Land
8
Economists use this to show how dollars flow through markets among households and firms
Circular-Flow Model
Production Possibility Curve
Opportunity Cost
Factors of Production
9
owners or capitalists; upper class
borshct
coup
proletariot
bourgeousis
10
Which of the following is an example of a macroeconomic question?
Should Ben & Jerry's expand their market?
What effect would federal tax cuts have on unemployment?
Should Apple expand operations into space?
How many tablets should Samsung produce in FY 2020?
11
When a consumer purchases a laptop from Best Buy:
Communism
Microeconomics
Fair trade
Macroeconomics
12
economic system in which decision are made by both individuals and the government
traditional
mixed market
market
command
13
See image
Resources
Supply
Scarcity
Demand
14
Which part of the circular flow model does "2" in the picture represent?
Markets for Goods and Services
Markets for Factor of Production
Households
Firms
15
Which part of the circular flow model does "4" in the picture represent?
Markets for Factor of Production
Households
Firms
Markets for Goods and Services
16
What is a capital good?
Services that people purchase
goods that are used in producing other goods
Goods used in Baton Rouge
goods that are using only to consume
17
Which part of the circular flow model does "I" in the picture represent?
Income
Spending
Wages, Rent, and Profit
Revenue
18
Which of these is an opportunity cost?
An individual buys Starbucks instead of saving for a trip
An individual goes to McDonald's for a burger
An individual goes to the gas station to purchase gas
An individual goes to Best Buy and purchases a dryer
19
Which part of the circular flow model does "1" in the picture represent?
Households
Markets for Goods and Services
Markets for Factor of Production
Firms
20
Tangible products that we use to satisfy our wants and needs
Goods
Factors of Production
Services
Opportunity Cost
21
See image
Supply
Economics
Scarcity
Resources
22
Which German wrote Das Kapital and the Communist Manifesto
John Keynes
Jacques Cousteau
Karl Marx
Adam Smith
23
If a resource is scarce...
The resource is no longer available
The resource is unlimited
Society is not wealthy enough to purchase the resource
The wants and needs of a society outnumber the resource
24
The highest-valued alternative that must be forgone when a choice is made
Trade Off
Opportunity Cost
Goods
Factors of Production
25
economic system in which decision are made by government
market
mixed market
traditional
command
26
See image
Resources
Demand
Scarcity
Supply
27
Which part of the circular flow model does "B" in the picture represent?
Factors of Production
Labor, Land, Capital
Goods and Services Bought
Goods and Services Sold
28
See image
Resources
Demand
Supply
Scarcity
29
Land, labor, capital, and entrepreneurship
Services
Factors of Production
Goods
Opportunity Cost
30
Which part of the circular flow model does "II" in the picture represent?
Spending
Wages, Rent, and Profit
Revenue
Income
31
Individuals and organizations that determine what products and services will be available
producers
government
entrepreneurs
consumers
32
term meaning the govt minimizes its interference in the economy
e pluribus unum
division of labor
caveat emptor
laissez faire
33
Which part of the circular flow model does "A" in the picture represent?
Factors of Production
Goods and Services Bought
Goods and Services Sold
Labor, Land, Capital
34
Which part of the circular flow model does "III" in the picture represent?
Spending
Wages, Rent, and Profit
Income
Revenue
35
Which part of the circular flow model does "3" in the picture represent?
Households
Firms
Markets for Factor of Production
Markets for Goods and Services
36
Actions or activities that one person performs for another
Services
Factors of Production
Opportunity Cost
Goods
37
describes competition guiding individuals working for own self interest & helps society
laissez faire
invisible hand
division of labor
broken window
38
Which part of the circular flow model does "C" in the picture represent?
Factors of Production
Goods and Services Bought
Goods and Services Sold
Labor, Land, Capital
39
Which part of the circular flow model does "D" in the picture represent?
Goods and Services Bought
Goods and Services Sold
Factors of Production
Labor, Land, Capital
40
The gap between limited resources and theoretically limitless wants.
Scarcity
Supply
Demand
Resources
41
Which of the following best captures scarcity, the most fundamental economic problem?
There are unlimited resources but limited wants in the world
Resources and wants are both infinite
There are unlimited resources + unlimited wants in the world
There are limited resources but unlimited wants in the world
42
Which Scottish economist wrote "Wealth of Nations"?
Jacques Cousteau
John Keynes
Adam Smith
Karl Marx
43
The economic theory that is seen as an analogy for choices between defense + civilian spending
Guns and milk
Missiles and butter
Guns and cream of wheat
Guns and butter
44
economic system in which decision are made by indiviiduals rather than govt
mixed market
command
market
traditional
45
shows the combination of goods /services produced in specific amt. of resource & time
Factors of Production
Circular-Flow Model
Production Possibility Curve
Opportunity Cost
