stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Basics Flashcards | StudBud
Explore
/
Economics Basics
Economics Basics
10 terms
·
StudBud Administration
·
274 plays
Economics Basics
Flashcards
10 cards
F
Practice quiz
P
Host live
L
Questions
10
Answers
1
Which two things determine price?
Choices and Scarcity
Opportunity and Cost
Wants and Needs
Supply and Demand
2
This is the term for what is given up when you choose to buy something else.
resources
capital
opportunity cost
incentive
3
You buy a football instead of a basketball. What is the opportunity cost?
football
softball
basketball
soccer ball
4
What's the term for the amount of a good or service that producers are willing and able to offer for sale?
demand
supply
scarcity
price
5
What is economics?
sales
money remaining from revenues after expenses are paid
The study of how goods/ services are produced, and consumed
the study of the government
6
What is the term for the amount of a good or service that consumers are willing and able to buy?
price
supply
demand
scarcity
7
If the supply for a product is low, and the demand is high, the price of that product is most likely to...
increase
stay the same
decrease
8
Which of the following would be an example of an incentive?
A "two for one" sale
Raising the prices
Stop selling the product
9
If the demand for a product is low, and the supply is high, the price of that product is most likely to...
increase
stay the same
decrease
10
You are thirsty, but the store is completely sold out of drinks. This is an example of:
scarcity
resources
production
prices
