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[Econ] Final Review 1:2 Flashcards | StudBud
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[Econ] Final Review 1:2
[Econ] Final Review 1:2
13 terms
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StudBud Administration
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ABeka Economics Review
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
When demand is more than supply, this is called...
opportunity cost
credit
scarcity
limited resources
2
When supply is greater than demand, this is called...
Needs and Wants
Opportunity Cost
equilibrium point
Surplus
3
Microeconomics is the study of economic decisions made by ...
small businesses
The Central Bank
Everyday people and business
The Government
4
How does inflation impact an economy?
It doesn't really have an impact
It slows down an economy
It gets people to buy things
People make more money
5
Law of Supply: When price goes down...
I go shopping
supply goes up
quantity supplied goes down
demand goes up
6
What is economics really about?
Money
Getting rich!
Wants and Needs
The decisions that people make
7
Which of the following is an early form of money?
cows
huge stone disks
all of the above
salt
8
Law of Demand: When price goes up....
Demand goes up
Pretty much nothing happens
Supply goes up
Quantity demanded goes down
9
Goods or services are the combination of 4 factors of production. These are...
Land, Labour, technology and money
Land, Labour, Capital and Entrepreneurship
Labour, Money, Entrepreneurship and land
Money, Business, technology, natural resources and
10
Inflation occurs when...
supply is high
demand is low
when people buy lots of things
new money enters an economy
11
Which of the following 3 answers are characteristics of a good money?
Divisable
Beautiful
Portable
Durable
12
Which is not a type of tax?
school fees
income
property
sales
13
What is the basic economic problem that people have to solve?
How can I save my money?
How can I pay my debts?
How can I get rich?
I have limited resources but unlimited wants!
