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Introduction of Economics Flashcards | StudBud
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Introduction of Economics
Introduction of Economics
16 terms
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StudBud Administration
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70 plays
What is economics? Economic systems? American Free Enterprise?
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Which example of limited amounts of the following would lead to a shortage?
Food that is available because no one wants to buy it
Labor available because workers employed at another business
Food that is available because of a truckers strike
2
what is Monopoly?
A market dominated by a single seller.
Factors that make it difficult for a new firm enter a market
Allowed by the government due to 1 firm can provide product
3
What is opportunity cost?
make the next best choice
shows opportunity cost
limit source
goverment
4
What does economics study?
House holders and firms
Goods and services
Factor and market
Government and schools
5
what is a Surplus?
Quantity is lower than the demand
Quantity is higher than the demand.
Minimum price set by the government;
6
what is a Shortage?
Quantity is higher than the demand.
Minimum price set by the government
Quantity is lower than the demand.
7
If a point falls inside, what does it mean for production?
self-interest
inefficient
efficient
exchange
8
Elasticity of Demand
Get the benefit of use of a public good or service
Consumers buy more of a good and service
Consumer response to price change.
9
Define competition
Motivating force of the economy
Right to choose their occupations and work
Regulatory force of the economy
10
Who controls economic goals in a command system?
government
France
efficient
all world
11
why does Scarcity exist?
because of unlimited wants and needs and limited resources.
give up
because of choices
12
how is Demand and Supply Curve show
Equilibrium, Right Shift, Left Shift
Equilibrium, left Shift, Left Shift
Equilibrium, left Shift, right Shift
Equilibrium, Right Shift, right Shift
13
Define self-interest
Motivating force of the economy
Regulatory force of the economy
Right to choose their occupations and work
14
define economic freedom
Motivating force of the economy
Regulatory force of the economy
Right to choose their occupations and work
15
what is economics?
study of how people meet their needs and wants
The study of the behavior and decision
the study of economic behavior and decisions
16
Which one are not the basic economic question?
What to produce
For whom to produce
When to produce
How to produce
