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Intro to Economics Revision (Light Blue) Flashcards | StudBud
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Intro to Economics Revision (Light Blue)
Intro to Economics Revision (Light Blue)
20 terms
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Questions
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Answers
1
What is the economic problem that requires people to make choices?
Opportunity Cost
Limited means
Scarcity
All of the above
2
Definition of Wants?
Resources that can be only used once
Resources used to create a good or service
Goods and services that are necessary for survival
Good and services that are desired
3
The market demand curve shows
Cost of producing and selling different quantities of a good.
Quantity goods that consumers would like to purchase at different prices
Effect on market supply of a change in the demand for a good or service
4
According to the law of supply, what happens as price increases?
The quantity supplied increases.
The quantity supplied decreases.
The supply curve shifts to the left.
The supply curve shifts to the right.
5
What does Harry Potter want to be after he graduates Hogwarts?
An Auror
A member of the Accidental Magic Reversal Squad
A professor at Hogwarts
An unspeakable
6
A leftward shift in the demand curve could be caused by which of the following?
Decrease in the number of sellers
Decrease in income
An improvement in technology
Tax increase
7
What are Economic Resources?
Raw materials supplied by nature
The people who produce goods and services
things available to be used to produce goods and services
the production of goods and service
8
Capital Resources?
People produce goods and services
Increased consumer spending
Things available to be used to produce goods and services
People must have access to tools and equipment
9
What are the four business resources?
Money, Land, Labour, Business idea
Capital, Equipment, Manpower, Enterprise
Capital, Land, Labour, Enterprise
Capital, Land, Workers, Business knowledge
10
What causes a shift of the demand curve?
The price goes up
The price going up or down
A product is in style
the price goes down
11
A shift in the supply curve to the left means:
quantity producers offer at every price will be high.
none of the above
quantity producers offer at every price will be less.
quantity producers offer at every price stays the same.
12
Capital resources include
Tractors, sheds, irrigation system
All of the above
Vehicles, buildings, computers
Cash register, store fittings, stock
13
what is the law of demand?
The law set by police
when the price increases,the demand decreases
when the price decreases, the demand increases
driving too fast
14
The point on a supply and demand graph where supply meets demand is known as...
The money spot
X
Point Squared
Equilibrium
15
What are the natural resources
Raw material and water
Energy sources and money
Wood and water
Raw material and energy sources
16
Definition of Needs?
Resources that can be used multiple times
Intangible tasks performed in exchange for things of value
Goods and services that are necessary for survival
Changes land into good and services
17
Prices are influenced by supply and demand.
Mixed
Command
Market
Traditional
18
The economic problem of 'relative scarcity':
high unemployment in Australia (no jobs)
is an economic problem...
limited resources available to meet our wants/needs
world inequality (rich vs poor $$$)
19
opportunity cost
cost of selling a business to begin another
cost of operating a business
cost of choosing one opportunity or investment over another
earning the best profit possible
20
A factor which affects both supply and demand
consumer tastes
consumer preferences
quantity of goods available
market price
