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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
35 terms
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657 plays
An #economics review
Flashcards
35 cards
F
Practice quiz
P
Host live
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Questions
35
Answers
1
Quality of life based on ownership of necessities and luxuries that make life easier
inflation
living standard
economics
standard of living
2
Examples of needs include all the following except...
shelter
money
food
water
3
Economists use this graph to show the possible combinations of production
Production Possibilities Curve
Labor Curve
Supply Curve
Demand Curve
4
The study of how people try to satisfy their unlimited needs and wants using scarce resources
Economics
Consumer
Scarcity
Capital Goods
5
A nation's total output of goods and services increases over time
economic growth
human capital
productivity
specialization
6
Four factors of production include all the following except
labor
human capital
entrepreneurship
physical capital
7
Market in which goods and services are bought and sold.
factor market
Product Market
Boston
market
8
Manufactured goods used to produce other goods and services
capital
nondurable
consumer
durable
9
Alternative that must be given up when one choice is made rather than another
trade-off
alternate supply
scarcity
opportunity cost
10
Once I come into class, I should always check the whiteboard and get started on my __________
round-up
conversations with friends
texts
notes
11
Scarcity forces us to make...
choices
trade-offs
money
opportunity costs
12
GDP measure's a country's production rate over a span of...
2 years
12 months
3 months
1/2 year
13
Point 'E' is producing
solid #1 singles
efficiently
inefficiently
unfeasible
14
Market in which productive resources are bought and sold.
Product Market
Factor Market
Market
Stock
15
Every choice has a
opportunity cost
trade-off
chance
trade
16
Things factored into GDP
final services and goods
final goods and services
products and final goods
final services and products
17
We all have limited...
time
money
resources
effort
18
Where should phones be in class (unless instructed otherwise)?
on the table
in pocket
in your hands
face down at our table
19
We all have unlimited...
money
wants
resources
time
20
People's education, skills, health, and motivation.
human capital
productivity
entrepreneur
economic growth
21
Basic requirements for survival
services
wants
goods
needs
22
Which of the following is considered physical capital?
water
certified technician
drive-thru attendant
computer
23
Assignment of different tasks for the workers to perform a task most efficiently.
specialization
division of labor
human capital
division of capital
24
tangible product that is useful and transferable and is used to meet wants and needs
service
good
product
scarcity
25
producing more in the same amount of time
economic growth
economics
productivity
efficiency
26
What is the opportunity cost
in cars
if I produce more clothing, moving from point A to B?
40
70
20
30
27
What's my opportunity cost
in clothing
if I increase production of cars from point B to A?
200
100
300
400
28
Point 'A' is producing
unfeasible
inefficiently
on stage
efficiently
29
My Economics class Remind code is...
@rodcons1p1
@rodconp1s1
@rodecon
@rodcon
30
In the classroom, where do I turn in my homework?
In my basket
inbox
leave it on the desk
outbox
31
Point D is...
a satellite
inefficient
efficient
unfeasible
32
The next best alternative given up when a choice is made
alternate supply
opportunity cost
consumerism
trade-off
33
My business is thriving! More machines, employees, and human capital. My curve shifts to the...
right
down
stays the same
left
34
Basic economic questions all societies must answer include the following except...
how to produce
why to produce
for whom to produce
what to produce
35
Meeting place where consumers and producers come together to exchange goods and services.
Factor Market
Market
Product Market
Flea
