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Economics Unit 1 Vocab Flashcards | StudBud
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Economics Unit 1 Vocab
Economics Unit 1 Vocab
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basics of economics review
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Which of the following does NOT apply?
consumer good
scarcity
command economy
free enterprise system
2
My car is in need of several repairs so I am considering buying a new car instead. This is best described as...
demand analysis
cost benefit analysis
production possibilities
marginal analysis
3
Which of the following would NOT be an accurate label of any of the arrows on the model?
public goods
income
goods and services
underutilization
4
Making this type of decision illustrates
marginal analysis
incentives
the circular flow
consumer good
5
Which concept is best illustrated by the image?
diminishing marginal utility
incentive
laissez faire
underutilization
6
Which of the following is NOT a characteristic of free enterprise?
responsive prices
freedom of choice
government allocation of all resources
variety of goods
7
This model is used to illustrate all of the following EXCEPT
circular flow
opportunity cost
production possibilities
efficiency
8
This decision illustrates the idea of
shortage
efficiency
opportunity cost
mixed economy
9
One would most likely associate this image with...
PPC
communism
Adam Smith
marginal analysis
10
Which word best matches to the image?
utility
human capital
efficiency
stimulus
11
Which term best applies to the image?
human capital
entrepreneurship
capital good
labor
12
This is an example of
public good
subsidy
labor
consumer good
