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Introduction to Economics Flashcards | StudBud
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Introduction to Economics
Introduction to Economics
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1
What will consumers likely do if the price of a good/service is too high?
Still buy it
complain to the store about the price
Not buy it
Not buy it or look for an alternative
2
what is a "service"?
a task someone does for you in exchange for money
volunteer work
the amount of money you make at your job
a physical product you can hold in your hand and purchase
3
the supply curve is ________ sloping
upward
horizontal
vertical
downward
4
If there is a Surplus of eggs, the price for eggs will likely...
Fall
stay the same
Rise
none of the above
5
on a demand curve, if the price goes up what will happen to the quantity demanded?
it will go down
nothing
it will go up
it will stay the same
6
What is "Economics"
the lack of money
the study of unemployment
the amount of money someone has
the wealth and resources of a country or region
7
What does "Surplus" mean?
none of the above
the supply and demand of a good/service are equal
the supply of a good/service is higher than the demand.
the demand of a good/service is higher than the supply.
8
Financial Markets are... (8th grade)
a factory that creates products
none of the above
a market where people can trade financial securities like stocks for cheap
a market where you can buy produce
9
which of the following describes a "market economy" ?
an area whose economy is based upon local customs, traditions, etc.
a hybrid with control split between the free market and the government
an area where the free market has complete control over the economy
an area where the government has sole control over the economy
10
which of the following is an example of "Seasonal Unemployment"? (8th Grade)
Sabrina left her job at a dentist office to pursue her singing career
Jeff lost his job at a factory when the company started to use robots
Darren lost his job at a tech company when Covid-19 hit
Kelly lost her job at JC Penny after Christmas ended
11
which of the following is an example of "Structural Unemployment"? (8th grade)
Darren lost his job at a tech company when Covid-19 hit
Kelly lost her job at JC Penny after Christmas ended
Jeff lost his job at a factory when the company started to use robots
Sabrina left her job at a dentist office to pursue her singing career
12
Someone choosing Arby's over Chick fil A is an example of ...
Economics
Microeconomics
Macroeconomics
Opportunity Cost
13
"competition" happens between...
consumers/consumers
none of the above
producers/producers
all of the above
14
"Supply" is...
What consumers pay for their goods/services with
the quantity/amount there is of a certain good or service
what producers sell their products/services for
how badly consumers desire a given product/service at a point in time
15
which of the following describes a "command economy"?
an area where the free market has complete control over the economy
an area whose economy is based upon local customs, traditions, etc.
an area where the government has sole control over the economy
a hybrid with control split between the free market and the government
16
which of the following is an example of the "Marginal Principle"?
karen will only buy 2 pairs of shoes if there is a BOGO free deal
dave goes to chipotle and uses money to buy what he really wants-food.
adding too much fertilizer to crops will do more harm than good
joe and kim both benefit if kim buys a lawnmower from jim
17
Inflation is when your money is worth _____ over time
more
nothing
less
the same amount
18
on a supply curve, if the price goes up what will happen to the quantity supplied?
it will go down
it will go up
it will stay the same
nothing
19
What does "Scarcity" mean?
the demand for a good/service is higher than the supply.
the supply of a good/service is greater than the demand.
the supply and demand for a good/service are equal.
none of the above
20
The Demand Curve is ________ sloping
vertical
downward
upward
horizontal
21
"Opportunity Cost" means...
How much a producer sells a good or service for at their company
the likelihood that you will get a job
choosing between two goods/services you want, thus giving the other up
the opportunity to buy something
22
What is a "Good"
a physical product you can hold in your hand and purchase
when you make profits at a company
a task someone does for you in exchange for money
something positive that happens at your job
23
If the price of potatoes goes down, producers will likely...
produce more potatoes
not produce any potatoes
produce the same amount of potatoes
produce less potatoes
24
which of the following is an example of "Frictional Unemployment"? (8th grade)
Kelly lost her job at JC Penny after Christmas ended
Jeff lost his job at a factory when the company started to use robots
Darren lost his job at a tech company when Covid-19 hit
Sabrina left her job at a dentist office to pursue her singing career
25
which of the following is an example of the "Law of Diminishing Returns"?
karen will only buy 2 pairs of shoes if there is a BOGO free deal
adding too much fertilizer to crops will do more harm than good
dave goes to chipotle and uses money to buy what he really wants-food.
joe and kim both benefit if kim buys a lawnmower from jim
26
what is a "producer" ?
someone who works on movies
someone who creates something and may sell it to others
someone who works in the produce section of the grocery store
someone who uses/buys something from someone else
27
which of the following describes a "traditional economy?"
an area where the free market has complete control over the economy
an area where the government has sole control over the economy
a hybrid with control split between the free market and the government
an area whose economy is based upon local customs, traditions, etc.
28
the point at which supply and demand are equal to each other (and the market is stable) is referred to as what?
Equilibrium
Incentives
Competition
Economic Balance
29
which of the following is an example of the "Real/Nominal Principle"?
dave goes to chipotle and uses money to buy what he really wants-food.
adding too much fertilizer to crops will do more harm than good
joe and kim both benefit if kim buys a lawnmower from jim
karen will only buy 2 pairs of shoes if there is a BOGO free deal
30
What variable goes on the X-axis of a supply/demand graph?
quantity
none
both
price
31
"Demand" is...
the amount it costs consumers to buy a good/service
the amount that consumers desire/want a good/service
the amount producers charge for a good/service.
the quantity/amount of a good or service in the market at a given time
32
which of the following describes a "mixed economy"?
an area whose economy is based upon local customs, traditions, etc.
a hybrid with control split between the free market and the government
an area where the free market has complete control over the economy
an area where the government has sole control over the economy
33
which of the following is an example of "Cyclical Unemployment"? (8th grade)
Sabrina left her job at a dentist office to pursue her singing career
Kelly lost her job at JC Penny after Christmas ended
Jeff lost his job at a factory when the company started to use robots
Darren lost his job at a tech company when Covid-19 hit
34
What variable goes on the Y-Axis of a supply/demand chart?
quantity
price
Both
none
35
what does Macro-Economics focus on?
small purchases less than $50
economic decisions made by the govenment that affect everyone
large purchases more than $50
economic decisions made by individuals or specific companies
36
Which of the following is an example of the "Principle of Voluntary Returns"?
adding too much fertilizer to crops will do more harm than good
dave goes to chipotle and uses money to buy what he really wants-food.
joe and kim both benefit if kim buys a lawnmower from jim
karen will only buy 2 pairs of shoes if there is a BOGO free deal
37
What does Micro-Economics focus on?
economic decisions made by individuals and specific companies
economic decisions made by the government that affect everyone
small purchases less than $50
large purchases more than $50
38
If there is a Scarcity of eggs, the price for eggs will likely...
stay the same
none of the above
fall
rise
39
If the price of potatoes goes down, consumers will likely...
buy the same amount of potatoes
buy less potatoes
buy more potatoes
not buy potatoes at all
40
Deflation is when your money is worth _____ over time
less
nothing
more
the same
