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Ch. 16: Introduction to Economics Flashcards | StudBud
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Ch. 16: Introduction to Economics
Ch. 16: Introduction to Economics
12 terms
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StudBud Administration
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Quiz over Economic Basics
Flashcards
12 cards
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Questions
12
Answers
1
Which of the following are part of the definition of demand?
Willing to buy
Not willing to buy
Able to buy
Willing to sell
2
What is the study of how people make decisions with limited resources?
Economics
Goods
Opportunity cost
Scarcity
3
Give an example of a variable cost.
Insurance
Food
Labor
Rent
4
What does marginal analysis say about making a good or providing a service?
Make the good until marginal cost is equal to revenue
Make the good as long as marginal revenue is less than cost
You should always make the good as long as you can
Make the good until marginal revenue is less than cost
5
Which economic system are decisions made based upon price?
Traditional
Command
Socialism
Market
6
What are the three questions all societies must answer?
What to produce, Where to produce, and Why to produce
Where to make it, why to buy it, and how to sell it
What to produce, How to produce, and for Whom to produce
Where to produce, How to produce, and for whom to produce
7
What is the next best use of time or money when choosing to do one thing or another?
Opportunity cost
Economics
Trade-off
Scarcity
8
What is a factor that can affect supply?
Number of suppliers
Change in consumer income
Cost of production
Equilibrium price stays the same
9
What does a surplus tell you?
The price is too high.
The company will make more of it.
There is a good chance to see a sale.
The price is too low.
10
What is an expense that does not change no matter how much a business produces?
Fixed cost
Variable cost
Revenue
Opportunity cost
11
Which of the following is a resource?
Labor
Natural
Service
Capital
12
If the price goes up.....
The equilibrium price stays the same.
The demand goes up.
The supply goes down
The demand goes down
