stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Review Unit 1 Economics- Basics and Economic Systems Flashcards | StudBud
Explore
/
Review Unit 1 Economics- Basics and Economic Systems
Review Unit 1 Economics- Basics and Economic Systems
19 terms
·
StudBud Administration
·
53 plays
This will help us recall information already learned. #Econ #Money #Goods #Services #Scarcity
Flashcards
19 cards
F
Practice quiz
P
Host live
L
Questions
19
Answers
1
Something performed by another person which satisfies an economic need or want.
good
service
paradox of value
utility
2
People will make a choice only if ...
the costs are greater that the benefits
there is soda involved
there is candy involved
the benefits are greater than the costs
3
Studying economics can make us better decision makers.
True
False
4
For every choice we make, there is always a ...
tax
piece of candy
cost
book
5
Making a decision to gain an extra benefit for an extra cost is:
rational decision making
Goods and services
decision making
marginal cost and benefit
6
Which of the following is NOT one of the three basic economic questions?
When to produce?
What to produce?
How to produce?
For whom to produce?
7
Point F is efficient on the graph.
False
True
8
One of the disadvantages of the traditional economy is ...
social inequality
corruption
a lack of technology
racism
9
Which point represents unattainable?
Point G
Point F
Point C
Point A
10
Wants and needs are different.
True
False
11
In this economic system, all decisions are made by the government
command economy
mixed economy
capitalist economy
traditional economy
12
Which of the following is NOT a factor of production?
Capital Goods
Consumer Goods
Entrepreneurship
Land & Labor
13
I have $20. I can buy 2 shirts or 4 meals at Chick Fil A. If I spend $10 for a shirt, what is my opportunity cost?
1 shirt
$20
2 meals at Chick Fil A
Chick Fil A
14
The cost of the next best alternative choice
Capitalism
Cost
Opportunity Cost
Communism
15
If a resource becomes more scarce, what happens to its price?
Price decreases
It becomes free
Price increases
Price stays the same
16
Comparative advantage occurs when:
producing at a high cost
being better at producing
a country can produce at lower cost than others
a country can produce more than others
17
In this economic system, consumers and workers are protected by the government
capitalist economy
traditional economy
mixed economy
command economy
18
What is the fundamental problem of economics?
stock market
utility
scarcity
money
19
One of the "advantages" of the command economy is ...
All members of society are considered equal
culture and tradition are preserved
competition produces the best results
people are free to buy whatever they want
