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1-Basic Economics Flashcards | StudBud
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1-Basic Economics
1-Basic Economics
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Basic Economics Vocabulary
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Work that is done for other people at a specific cost is known as a
consumer good.
natural resource.
capital good.
service.
2
The factor market typically buys and utilizes
Capital Goods
Needs
Consumer Goods
Wants
3
The basic economic problem of unlimited wants/needs and limited resources
Insufficiency
Capital Resources
Scarcity
Limited Resources
4
How much of a product is available for consumption
Consumer Wants
Consumer Concerns
Supply
Demand
5
When demand is greater than supply
Surplus
Finite Production
Shortage
Scarcity
6
Which of the following is the opportunity cost of working part-time after school?
Work experience on a resume
Joining the swimming team at school
Development of leadership and time management skills
The paycheck from the job
7
Based on the following information (and what you know about supply and demand), what is the price of this product?
$1
$3
$7
$5
8
What is the economic effect of a surplus?
INCREASES price
DECREASES price
9
Things that can be made or manufactured are called
services.
goods.
human resources.
natural resources.
10
Which of the following is NOT considered a human resource?
Skills
Intelligence
Labor
Land
11
On a supply and demand schedule and/or graph, where is the price?
Only on the supply line.
It cannot be determined.
Only on the demand line.
The point where supply and demand are equal or intersect.
12
The product market typically sells only
Consumer Goods
Necessities
Factors of Production
Capital Goods
13
How much of a product consumers want to buy
Supply
Consumer Concerns
Consumer Wants
Demand
14
When supply is greater than demand
Scarcity
Finite Production
Shortage
Surplus
15
The "hidden" opportunity cost is the
Implicit alternative
Explicit alternative
16
What is the economic effect of a shortage?
INCREASES price
DECREASES price
