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Basic Economic Concepts Flashcards | StudBud
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Basic Economic Concepts
Basic Economic Concepts
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Flashcards
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Questions
15
Answers
1
The thing you hope to gain as a result of your decision is referred to as the...
scarcity
incentive
opportunity cost
consequence
2
Adam Smith's term for the way that things arranged themselves automatically, through voluntary exchange is known as...
The Mastermind
The Invisible Hand
Divine Intervention
Terminal Velocity
3
When making an economic decision, the
next best alternative
you give up is also known as...
scarcity
the benefit
the opportunity cost
the incentive
4
What goes into determining the Demand of a good or service?
Willingness to pay
All of these combined
Ability to pay
Want or Need
5
Mike won a dinner for two in a raffle. He can bring his mom or girlfriend. He chooses mom.
What is the opportunity cost
?
Not bringing his girlfriend
Friday night
Having Dinner
Bringing his mother
6
Which of the following is a component of a S.M.A.R.T. goal?
Time Bound
Measurable
All of these
Specific
7
The study of Economics is all about...
Making decisions regarding using limited resources
money and only money
the Stock Market and Corporations
buying and selling property
8
Which of the following is the
product
of Supply & Demand?
Opportunity Cost
Equilibrium Price
Elasticity
Scarcity
9
Which of these events would be considered micro-economics?
A sharp drop in the unemployment rate
An increase in the national minimum wage
Mr. Stefanidis buying a house
Congress passing a new stimulus bill
10
All of the following would
change
the Demand of a good/service
EXCEPT
...
Celebrity endorsement in an advertisement
Increase in minimum wage
Announcement of lockdown due to Covid
Change in price of good/service
11
Opportunity cost involves a scarcity in each of the following EXCEPT
Time
Money
Love
Space
12
Leonard Read wrote a short story that highlighted the miracle of a free market called...
I, Pencil
The Notebook
Paper Lion
Ex Machina
13
What is true about the law of demand?
People usually buy more goods/services when price increases
There is a positive relationship between price and quantity demanded
The marketplace is totally unpredictable
It is represented by a downward slope
14
Which of these is the BEST example of a S.M.A.R.T. goal?
Mary would like to save some money
Jack plans to save $3000 to buy a car by September
Laura wants to get into a good college
John hopes to lose some weight soon
15
Which of these goods is considered to be the most
INELASTIC
?
Soda beverages
Automobiles
Baby formula
Designer clothes
