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Intro to Economics Revision (Light Blue) Flashcards | StudBud
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Intro to Economics Revision (Light Blue)
Intro to Economics Revision (Light Blue)
20 terms
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Answers
1
what is the law of demand?
when the price decreases, the demand increases
The law set by police
driving too fast
when the price increases,the demand decreases
2
The economic problem of 'relative scarcity':
world inequality (rich vs poor $$$)
limited resources available to meet our wants/needs
high unemployment in Australia (no jobs)
is an economic problem...
3
A leftward shift in the demand curve could be caused by which of the following?
Decrease in the number of sellers
Decrease in income
An improvement in technology
Tax increase
4
The point on a supply and demand graph where supply meets demand is known as...
Equilibrium
The money spot
X
Point Squared
5
Definition of Needs?
Goods and services that are necessary for survival
Resources that can be used multiple times
Changes land into good and services
Intangible tasks performed in exchange for things of value
6
According to the law of supply, what happens as price increases?
The supply curve shifts to the right.
The quantity supplied increases.
The supply curve shifts to the left.
The quantity supplied decreases.
7
The market demand curve shows
Effect on market supply of a change in the demand for a good or service
Cost of producing and selling different quantities of a good.
Quantity goods that consumers would like to purchase at different prices
8
Capital resources include
All of the above
Cash register, store fittings, stock
Tractors, sheds, irrigation system
Vehicles, buildings, computers
9
Capital Resources?
People produce goods and services
People must have access to tools and equipment
Things available to be used to produce goods and services
Increased consumer spending
10
A factor which affects both supply and demand
consumer preferences
consumer tastes
market price
quantity of goods available
11
What causes a shift of the demand curve?
The price going up or down
the price goes down
The price goes up
A product is in style
12
A shift in the supply curve to the left means:
quantity producers offer at every price will be less.
none of the above
quantity producers offer at every price stays the same.
quantity producers offer at every price will be high.
13
What is the economic problem that requires people to make choices?
Limited means
Scarcity
Opportunity Cost
All of the above
14
Prices are influenced by supply and demand.
Market
Traditional
Command
Mixed
15
opportunity cost
earning the best profit possible
cost of choosing one opportunity or investment over another
cost of selling a business to begin another
cost of operating a business
16
What are the natural resources
Raw material and energy sources
Wood and water
Energy sources and money
Raw material and water
17
What are the four business resources?
Capital, Land, Labour, Enterprise
Capital, Land, Workers, Business knowledge
Capital, Equipment, Manpower, Enterprise
Money, Land, Labour, Business idea
18
What does Harry Potter want to be after he graduates Hogwarts?
A member of the Accidental Magic Reversal Squad
A professor at Hogwarts
An Auror
An unspeakable
19
What are Economic Resources?
the production of goods and service
Raw materials supplied by nature
things available to be used to produce goods and services
The people who produce goods and services
20
Definition of Wants?
Good and services that are desired
Resources that can be only used once
Resources used to create a good or service
Goods and services that are necessary for survival
