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Mr. Arellano's Economics 101 (Vocabulary) DCHS Flashcards | StudBud
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Mr. Arellano's Economics 101 (Vocabulary) DCHS
Trade-off -
Opportunity Cost -
Mr. Arellano's Economics 101 (Vocabulary) DCHS
15 terms
·
StudBud Administration
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23 plays
Does not include Supply and Demand
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Opportunity Cost -
The most highly valued opportunity forfeited
What you choose to do
The price you pay for something
All the other opportunities forfeited
2
Trade-off -
nothing is free
more of one thing necessarily means less of something else
The most highly valued opportunity forfeited
Things are equal in the sense that everything has a price
3
Adam Smith is known as the father of...
Trade and Capitalism
Capitalism and Communism
Trade and Free Trade
Capitalism and Economics
4
Your time is...
Opportunity Cost
Scarce
Valuable
Trade-off
5
Something is ___ if it has more than one valuable use and is in low supply
Scarce
in high demand
Valuable
Nintendo Switch
6
Economics is the study of
Money and the money supply around the world
The stock market, including the international stock market
Numbers, money, stocks, and products.
scarce resources used to satisfy human’s needs & wants.
7
New ideas require an active scientific community and the __and__ to put new ideas into action.
Capitalism and Investment
Power and Money
Thoughts and Motivation
Freedom and Incentives
8
Incentives - penalties that motivate behavior
False
True
9
Entrepreneurs, investors, and savers need _______ to save and invest
Time
Stocks
Incentives
Capital
10
An economic system characterized by private ownership of businesses and marketplace competition
Socialism
Stock Market
Capitalism or Market
Communism
11
invisible hand -
planned economy
free markets to regulate themselves
markets must be regulated by government
regulations are the invisible hand
12
Every choice involves something gained and something lost.
True
False
13
Smith is most famous for his 1776-piece...
1776 Economics
The Wealth of the World
The Father of Economics
The Wealth of Nations
14
Laissez-faire philosophies
Command Economy
economic thought policy
minimizing the role of government
the government should provide a safety net
15
Incentives - rewards that motivate behavior
False
True
