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Basics of Economics Flashcards | StudBud
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Basics of Economics
Basics of Economics
12 terms
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StudBud Administration
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230 plays
unit 5
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
What is an economic system based on agriculture and customs
command
traditional
mixed
market
2
What happens to supply as the price goes down?
Supply increases
stays the same
idk
supply decreases
3
What is NOT included in GDP:
consumption
investments
black Market Goods/illegal
government expenditures
4
land, capital, technology, labor, and entrepreneurs:
scarce resources
factors of production
Renewable resources
5
What questions must society face?
for whom to produce
all of the above
how to produce
what to produce
6
What is an economic system in which the major decisions are controlled by government
command economy
market economy
traditional economy
mixed economy
7
What is the point where supply and demand achieve balance
equilibrium price
law of supply and demand
equilateral demand
Never- doesn't exist
8
the desire, willingness, and ability to buy a good or service
producer
supply
consumer
demand
9
The amount of money left after the cost of production have been paid
deflation
inflation
profit
debt
10
The cost of the next best use of time and money
trade off
opportunity cost
11
What happens to price of goods as resources become scarce?
rise in price
price drops
12
which type of economy does the U.S. have?
Market
traditional
command
mixed market
