The concept that there are not enough resources available

What is Opportunity Cost?

The value of your second choice, the next best alternative

a general increase in prices and fall in the purchasing value of money

What is the Consumer Price Index (CPI)?

The measure of prices of a basket of consumer goods & services

In a command economy, who makes economic decisions?

Someone in charge (president, principal, etc.)

What is the Unemployment Rate?

The % of people looking for a job

What is the difference between goods and services?

Goods are physical items and services are activities people do for a fee.

What is the Gross Domestic Product (GDP)?

The measure of the value of all final goods & services produced in a year

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Chapter 3 Economics

16 termsStudBud Administration376 plays

#Economics basics

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Questions 16

Answers

1
If demand increases, then...
prices will stay the same
prices will fall
Supply will stay the same
Prices will rise
2
Scarcity is...
A tax on resources taken from the land such as oil and gas.
The city that Scar moved to at the end of the Lion King
The concept that there are not enough resources available
money earned after costs
3
What is Opportunity Cost?
The value of your first choice
About $7.50
The value of your second choice, the next best alternative
How much opportunity costs, duh!
4
If supply increases, then...
Prices will stay the same
Demand will increase
Prices will go up
Prices will go down
5
What is Inflation?
The % of people looking for a job
a general increase in prices and fall in the purchasing value of money
The measure of prices of a basket of consumer goods & services
The measure of the value of all final goods & services produced in a year
6
What is the Consumer Price Index (CPI)?
The measure of prices of a basket of consumer goods & services
The measure of the value of all final goods & services produced in a year
a general increase in prices and fall in the purchasing value of money
The % of people looking for a job
7
Oil, natural gas, salt, sulphur, and lignite are
Human resources
The ingredients in a Honey Bun
Mineral resources
Biological resources
8
In a command economy, who makes economic decisions?
Someone in charge (president, principal, etc.)
Everyone makes the decisions equally
Tradition decides how money is made and spent
market forces (supply & demand)
9
If you go to the dentist and get a cavity filled, you are a...
Consumer
person who does not brush their teeth enough.
Producer
Human capital
10
What is the Unemployment Rate?
a general increase in prices and fall in the purchasing value of money
The measure of prices of a basket of consumer goods & services
The % of people looking for a job
The measure of the value of all final goods & services produced in a year
11
What is the difference between goods and services?
Goods are physical items and services are activities people do for a fee.
Goods are positive things, while services are negative things like guns
Services are free and goods cost money
Services are physical items and goods are activities people do for a fee.
12
Salt is
a nonrenewable resource
a renewable resource
a yellow rock taken from active volcanos
an acronym for State And Local Tax
13
What is the term that means to trade goods and services without money?
tariff
market economy
smuggling
Barter
14
What is the Gross Domestic Product (GDP)?
The measure of the value of all final goods & services produced in a year
The measure of prices of a basket of consumer goods & services
a general increase in prices and fall in the purchasing value of money
The % of people looking for a job
15
Which of the following is NOT a capital resource?
money
Hammers
A Dentist
Dentist's drill
16
A taxi cab is what type of resource?
Capital
Human
Natural
traditional

Chapter 3 Economics Flashcards | StudBud