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Economics Chapter One ACADEC Flashcards | StudBud

Explore/Economics Chapter One ACADEC

Economics Chapter One ACADEC

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The basics of economics.

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Questions 10

Answers

1
Scarcity is when...
there is a surplus in resources.
when resources are used inefficiently.
when resources are too expensive.
there are unlimited wants, but limited resources.
2
Opportunity Cost is...
the loss of probable gain
how much is spent in total
what is gained after buying
how much something costs
3
Economics is based on....
the study of scarcity.
the study of the movement of goods in a country.
the study of money.
the study of buying and selling.
4
What is an example of physical capital?
Experience
Computers
Landscapes
College degree
5
The amount that consumers are willing to buy is...
Opportunity cost
Supply
Demand
Capital goods
6
What is marginal analysis?
Study of specific businesses and markets.
Study of trading between countries.
Study of the movement of money in a country, state, or city.
Study of the costs and benefits.
7
The amount of goods that sellers are willing and able to sell is...
Quality of goods
Supply
Profit
The cost
8
The study of small economic units is...
microeconomics
based on border trades
compact revenue
macroeconomics
9
The study of large economic units is...
compact revenue
micro-financing
macroeconomics
Substantial revenue
10
What is an example of human capital?
Vocational training
Buildings
Tools and machinery
Money