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10 Principles of Economics Flashcards | StudBud
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10 Principles of Economics
10 Principles of Economics
21 terms
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StudBud Administration
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1,159 plays
10 Principles of economcis #kc #kapiticollege
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Which is
not
a way the government can decrease house prices in Auckland
Price Ceiling
Decrease Demand
Price Floor
Increase supply
2
Economics is best defined as
How to share out limited resources
the economy
Inflation vs employment
3
___________ can sometimes improve market outcomes
Markets
Governments
Groups
People
4
The ________ of something is what you give up to get it
Amount
Cost
Number
Value
5
What is the missing sector?
Language
Internal
Banking
Debt
6
Supply and Demand model has equilibrium where...
Supply and Demand cross
Price = quantity
Price is
7
The amount producers sell at different prices, is called?
Market
Selling
Demand
Supply
8
Rational people think at the ___________
Margin
Pros
Point
Rational
9
When interest rates decrease, consumers spending _______
Stays the same
Increases
Decreases
10
The government spends most of its money on...
Health
Education
Social Welfare
Debt
11
What is the missing label?
Amount
Supply
Quantity
Producer
12
Markets are usually a good way to organise ___ __________
some markets
the people
an economy
13
OECD stands for...
Organisation for Economic Co-operation and Development
Organisation for Economic Corporation and Development
Organisation for Economic Co-operation and Deployment
Operation for Economic Co-operation and Development
14
An incentive is
A Reason
Cool
Money
A Reward
15
Printing money causes Inflation
True
False
16
People face ________
Marginal
Trade offs
Offtrades
Issues
17
Society faces a short-run tradeoff between Inflation and _____________
Growth
Standard of living
Unemployment
Prices
18
When interest rates increase, consumers spending _______
Decreases
Increases
Stays the same
19
___________ can make everyone better off
Life
Supply
Trade
Lollies
20
The amount a consumer will purchase at different prices, is called?
Incentive
Demand
Supply
Inflation
21
Inflation is?
Increase in all prices
Increase in most prices
Increase is good
Change in price
