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