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CH1 Economics Flashcards | StudBud
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CH1 Economics
CH1 Economics
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1
Why is economics called the "science of decision making"?
biologists usually lead economic discussions
it is usually taught in science class
not all resources are limited; we decide how to use them
all resources are limited; we decide how to use them
2
How much is a "green seal" 1934 $500 bill worth?
$2000
$500
$1000
$5000
3
which of the following are wants
car
water
shelter
food
4
giving up something to get something
opportunity cost
marginal utility
marginal benefit
trade-off
5
the more you consume, the less you want
marginal cost
marginal benefit
trade-off
opportunity cost
6
machinery bought to do the job
land
capital
labor
entrepreneurship
7
Who is this?
nixon
washington
adams
jefferson
8
Which of the following are needs?
smart-phone
shelter
TV
Cake
9
who's on this?
truman
wilson
teddy roosevelt
FDR
10
scarcity vs. shortage: which is temporary?
shortage
scarcity
11
Which is large-scale?
microeconomics
macroeconomics
12
who's on this one?
eisenhower
coolidge
washington
lincoln
13
In cost-benefit analysis, what do we compare?
costs to benefits
economics to civics
microeconomics to macroeconomics
the three economic questions
14
Which of the following is a scarcity?
social media creators
oil
fresh water
natural gas
15
When a product leaves its country to be shipped to another country, it is ________.
Imported
Sold
Bought
Exported
16
Who is on the $20 bill?
franklin
jackson
henry
tubman
17
What is economics?
things we use to satisfy our wants and needs
how we make decisions since resources are limited
Money, goods, services, supply, and demand
People depend on each other
18
the price of producing one more unit
opportunity cost
marginal cost
trade-off
marginal benefit
19
Who is on the back of a "blue seal" $500 bill?
f. douglas
c. columbus
sitting bull
h. deSoto
20
What could lead to a higher price for your product?
Low supply, high demand
High supply, low demand
Low supply, low demand
High supply, high demand
21
who's on this one?
lincoln
jefferson
van buren
washington
22
Who will win the Super Bowl?
Chiefs
Eagles
23
asking the question: "how much time/$ will it take to get it done?"
trade-off
marginal cost
opportunity cost
marginal benefit
24
mental or physical work
labor
entrepreneurship
capital
land
25
the person with the vision and initiative to get it all done
entrepreneurship
capital
labor
land
26
an example of an economic system is
socialism
hypothyroidism
existentialism
capitalism
27
natural resources
land
labor
entrepreneurship
capital
28
Which Super Bowl is this?
LIV
LVI
LVII
LV
29
scarcity vs. shortage: which is long-term?
shortage
scarcity
30
Who is on the $2 bill?
jefferson
hamilton
grant
washington
31
Which is small-scale?
microeconomics
macroeconomics
32
Who is on the $50 bill?
truman
teddy roosevelt
eisenhower
grant
