Theory that everything costs you something?

There is no such thing as a free lunch

A benefit of a command economy is:

ALL points are benefits of a command economy

Michael Porter says that businesses are good at solving social problems because:

They create profit which is self-sustaining & scaleable

The Latin term "Ceteris Paribus" means:

All other things remain constant in the economy

If Afghanistan treated women equally in the workforce & educated girls, what would happen?

They would move from a pt. under to a point ON the PPF

Diagram representing combinations of goods/services an economy can produce ?

Production Possibility Frontier

Which is a sign that Canada's government is a socialist democracy?

ALL are examples of social democracies

studbud

Basics of Economics

20 termsStudBud Administration8 plays

Intro to Economics: Types of Economic Systems; Basic Economic Problems; Scarcity--Opportunity Cost; Production Possibilities Frontier; Creating Shared Value

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Theory that everything costs you something?
Sunk Costs
Replacement Cost
There is no such thing as a free lunch
Real Cost
2
What is the fundamental problem in economics?
Unequal distribution of income
Inefficient use of resources
Lack of productivity
Scarcity of resources
3
The cost of the next best alternative when a choice is made...
Trade-off
Inefficiency
Efficiency
Opportunity Costs
4
Which of the following does Adam Smith NOT approve of?
Protectionism & Tariffs
Invisible Hand of the market
Capitalism
Laissez-faire government
5
A _______ takes risks in search of profit to create something new.
Economist
Entrepreneur
Magician
Investor
6
Economies that have no government intervention are called:
Communism
Socialism
Capitalism
Fascism
7
A factor of production...Tar Sands?
Land
PPF Curve
Real Capital
Entrepreneurial Ability
8
Economic condition that arises because society does not have enough resources?
Value
Poverty
Scarcity
Inequality
9
What is NOT a benefit of a free market economy?
economic stability
increased consumer choice
competition resulting in lower prices
innovation & improved technology
10
A benefit of a command economy is:
ALL points are benefits of a command economy
Emphasizes equality & social fairness
Little to no unemployment
Less economic instability
11
What are the 3 basic economic questions?
Why?, What?, and How?
What?, How?, and For Whom?
What?, How? and When?
When?, Where? and Why?
12
A factor of production...Computers
Goods
Capital
Services
Scarcity
13
What you give up in order to get what you want?
Purchase Price
Labour
Trade-off
Opportunity Cost
14
Michael Porter says that businesses are good at solving social problems because:
Businesses can use their power to make gov't act responsibly
Businesses can be social enterprises
They create profit which is self-sustaining & scaleable
Businesses make lots of money which they can donate
15
What do you call a basic requirement for food, shelter, and clothing?
Labor
Wants
Needs
Trade-off
16
The Latin term "Ceteris Paribus" means:
Needs & Wants are unlimited and resources are limited
All other things remain constant in the economy
Assume an economy has only 2 products it can produce
The opportunity cost is consistent
17
If Afghanistan treated women equally in the workforce & educated girls, what would happen?
They would move along the PPF curve from one pt. to another
They would move from a pt. under to a point ON the PPF
The PPF curve would shift inward
The PPF curve would shift outward
18
A factor of production...Wind to generate power?
Unlimited Value
Real Capital
Land
Entrepreneurial Ability
19
Diagram representing combinations of goods/services an economy can produce ?
Opportunity Cost Graph
Production Possibility Frontier
Trade-off Table
Economic Efficiency Frontier
20
Which is a sign that Canada's government is a socialist democracy?
Universal health care
Social assistance programs
Graduated tax system
ALL are examples of social democracies

Basics of Economics Flashcards | StudBud