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ECONOMICS-INTRODUCTION TO ECONOMICS
What type of cost is labor?
Machines, energy, and skills are examples of
ECONOMICS-INTRODUCTION TO ECONOMICS
40 terms
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StudBud Administration
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Chapter 17
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
Machines, energy, and skills are examples of
Resources
Capital
Labor
Wants
2
What type of cost is labor?
Fixed Cost
Total Cost
Variable Cost
Marginal Cost
3
Paying more than $1000 for a phone without any regrets and maybe paying more in the future is
High Supply
High Demand
Low Supply
Low Demand
4
Which market represents where goods and services are exchanged?
Factor Market
Black Market
Product Market
Super Market
5
The study of how people choose to use their limited resources to satisfy their unlimited wants.
Impulse buying
GDP
Competition
Economics
6
Which an example of
FACTORS AFFECTING DEMAND?
Trade
Cost of producing a good or service goes up
Fewer suppliers
Consumer preference
7
The amount supplied by producers is greater than the amount demanded by consumers.
Surplus
Competition
Shortage
Equilibrium
8
Desires that people have that can be met by getting a product or service.
Resources
Scarcity
Wants
Needs
9
Today, this item is an example of
Competition
Equilibrium
Low Demand
High Demand
10
Which economy is the United States?
Mixed
Market
Command
Traditional
11
Which is an example of a
FACTOR AFFECTING SUPPLY?
More people earning income
Consumer preference
Few suppliers
Many consumers
12
Example of a capital resource
Workers
Land
Farm
Crane
13
Law of ...
Equilibrium
Supply
Deficit
Demand
14
Cost of the next-best use of your money or time when you choose one thing rather than another.
Marginal Cost
Trade-off
Opportunity Cost
Fixed Cost
15
Which is another example of
FACTORS AFFECTING SUPPLY?
The cost of producing a good or service
Consumer preference
Number of consumers
People making more money
16
Basis of habit or custom, or the way things have always been done.
Command Economy
Traditional Economy
Market Economy
Mixed Economy
17
Describe the economic term
a shortage
a service
a good
a utility
18
Which resource
Labor
Capital
Scarcity
Natural
19
What are the three economic questions all nations must answer?
What, how, and for whom to produce
Where, why, and how many to produce
Why, what, and where to produce
When, where, and how to produce
20
Which is an example of
FACTORS AFFECTING DEMAND?
Fewer suppliers
Cost of producing a good or service goes up
Trade
Consumers are making more money
21
Individuals and business own the resources used to produce goods and services
Command Economy
Traditional Economy
Market Economy
Mixed Economy
22
The money a business receives from selling its goods or services.
Product
Supply
Revenue
Costs
23
Shirts, bread, and cars
Services
Hobbies
Goods
Utilities
24
Which resource
Capital
Labor
Natural
Renewable
25
Giving up one alternative good or service.
Variable Cost
Trade-off
Opportunity Cost
Fixed Cost
26
Quality of life of the people living in a country.
Entrepreneurs
GDP
Standard of Living
Market
27
This leads to efficiency, avoids waste and lowers expense
Government owning all businesses
Foreign trade
A very smart population
Competition
28
Example of a natural resource
Worker
Computer
Truck
Land
29
Law of ...
Trade-off
Supply
Deficit
Demand
30
Entrepreneurs are driven to start and invest in business because of
the profit motive
the cost of production
economic interdependence
the division of labor
31
Occurs when we do not have enough resources to produce all of the things we would like to have.
Resources
Scarcity
Surplus
Wants
32
Economy in which the govt. decides how goods will be produced and to whom it will be available.
Mixed Market Economy
Market Economy
Traditional Economy
Command Economy
33
Expenses that do not change no matter how much the business produces.
Variable Costs
Fixed Costs
Total Costs
Marginal Costs
34
This influences demand
Lower cost of production
Consumers earning more money
New technology
Number of producers
35
Making an automobile that runs on solar power to stop using gasoline oil, is an example of
For whom to produce?
What to produce?
How to produce?
When to produce?
36
Describe this expense
Opportunity Cost
Fixed Cost
Total Cost
Variable Cost
37
This forces people and nations to make economic choices?
Type of government
Scarcity of resources
Need for shelter
Abundance of goods
38
Type of expense
Opportunity Cost
Total Cost
Fixed Cost
Variable Cost
39
Amount of a good or service that consumers are willing and able to buy at various prices.
Supply
Equilibrium
Competition
Demand
40
Government
and
private business
owners play roles in a compete-for-profit- system.
Market Economy
Command Economy
Traditional Economy
Mixed Economy
