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Unit 1: basics of Economics Flashcards | StudBud
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Unit 1: basics of Economics
What problems do economist face?
Why are consumers so powerful?
Unit 1: basics of Economics
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1
Why are consumers so powerful?
They own the resources
They work the factories
They command goods
They drive decisions about what to produce
2
What problems do economist face?
Free market issues
Fiscal policies
decisions produce cost
traditional market issues
3
Before a firm launches a business it considers this...
quotas
resources
choices
cost-benefit analysis
4
Which economy would the government set the prices for all products?
Market Economy
Command Economy
Traditional Economy
Mixed Economy
5
What is an example of a durable good?
factor market
labor
can of soup
service
6
What is an example of an incentive to wrk?
Voluntary service/ exchanges
Traditional Economy
Restricted price market
Durable Goods
7
If a country avoids alliances with others, what are they practicing?
privatization
national policy
isolationism
temporary boycotts
8
Which economy would have the largest variety of goods produced?
Traditional Economy
Totalitarian Economy
Market economy
Command Economy
9
What is it called when resources are used efficiently?
Capital
Investment
Productivity
Scarcity
10
When our resources are limited but our wants and needs are unlimited.
Demand
Circular Flow model
Scarcity
Supply
