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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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Intro to Economics for #9thgrade #CivicsandEconomics
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
Expenses that are the same are called...
Variable Costs
Fixed Variables
Fixed Expenses
Fixed Costs
2
Diminishing Marginal Utility
says that as we consume more of a good/service what happens...
there is an equilibrium
our satisfaction decreases
our satisfaction increases
nothing happens
3
Which does
NOT
cause supply to change?
Taste
Technology
Changes in Govt. Policies
Cost of Production
4
Which is
NOT
an example of a
Service
A student playing PS4
A plumber fixing a broken pipe
A gardener planting flowers at a school
A woman giving a customer a manicure
5
The amount of goods/services that producers are able to sell at various prices is called...
Needs
Demand
Wants
Supply
6
The cost of the next best alternative when choosing to do one thing vs. the other
Opportunity cost
Trade-off
Alternative option
Supply curve
7
Jay Z is an example of a what...
Entrepreneur
Doctor
Dancer
Actor
8
Fixed Costs
and
Variable Costs
added together
Elastic Costs
Added Costs
Total Costs
Expenditures
9
The alternative you face if you do one thing rather than the other.
Services
Alternative Cost
Trade-off
Opportunity Cost
10
A line graph showing how much a consumer demands at different prices is called...
Demand Curve
Inelastic Curve
Supply Curve
Circular Flow Model
11
This principle states that suppliers will offer more for sale at higher prices and vice versa.
Law of Supply
Law of Economics
Law of Demand
Law of Inelasticity
12
A change in price
Will Not
cause a change in demand or supply.
Inelastic
Elastic
Curves
Diminishing Marginal Utility
13
What is an
Equilibrium
?
When demand decreases
When supply decreases
When supply equals demand
When supply increases
14
What does
GDP
stand for?
Gross Domain Program
Gross Domestic Product
Gross Domestic Produce
Goods Dominated Production
15
A
Circular Flow Model
shows...
how households, governments, and businesses are connected
how varying economies rely on one another
how economies flow throughout the United States
how economies circle each other throughout the world
16
A
Shortage
is when...
there aren't enough people working
the supply is less than demand
there aren't enough resources to produce
the demand is less than supply
17
A line graph showing how much a producer will make at different prices is...
Inelastic Curve
Supply Curve
Demand Curve
Elastic Curve
18
Variable Costs
are...
Fixed Costs and Total Costs multiplied together
expenses that stay the same
expenses that are added up
expenses that change
19
Fruits and Vegetables are an example of...
Needs
Nutrients
Wants
Supplements
20
What is it when you don't have enough resources?
Scarcity
Shortage
Surplus
Supply
21
Which Superhero is this?
Aqualad
Poseidon
Khal Drogo
Aquaman
22
The study of how we make decisions in the world
Sociology
Civics
Capital
Economics
23
Along with taste, price, number of buyers, and expectations, what else causes demand to change?
Political Parties
Religion
Ethnicity
Income
24
Who wrote the Federalist Papers?
John Jay, Alexander Hamilton, and James Madison
James Madison, Alexander Hamilton, and Aaron Burr
Thomas Jefferson, James Madison, and Andrew Jackson
Thomas Jefferson, John Adams, and Benjamin Franklin
25
A change in price
WILL
cause a change in demand or supply...
Inelastic
Curve
Elastic
Demand Shift
26
This image represents what?
Capital
Wants
Land
Labor
27
A
Good
is what?
Item that can help you determine GDP
An product that allows you to become better at something
Something that is good
A tangible product used to satisfy wants and needs
28
When Supply is greater than demand there is a...
Surplus
Scarcity
Overflow
Shortage
29
This picture represents
Capital
Land
Entrepreneurship
Labor
30
When was Krispy Kreme founded?
1956
1930
1965
1937
31
Finish the Lyrics: Players, put yo' pinky rings up to the moon...
Hit me up and let me through.
Sails are up we on a cruise.
Girls, what y'all trying to do?
Boys, what y'all trying to do?
32
The ability to start a new business is?
Entrepreneurship
Being rich
Capital
Having resources
33
What are resources necessary to produce goods and services?
A Bank Account
Factors of Production
Utilities
Goods
34
Law of Demand
says, that as prices increase quantity demand will...
Decrease
Equal out
Increase
Not change
35
An iPhone is an example of a...
Need
Like
Desire
Want
36
Demand
is...
The total cost of goods
The amount of a good/service someone will buy
The amount of a good/service someone will sell
The amount of items sold within a year
37
Which one is
NOT
a basic question of economics?
For whom to produce?
What to produce?
How to produce?
Where to produce?
38
What does this picture represent?
Labor
Capital
Entrepreneur
Land
