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Basic Economics
Basic Economics
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A review for Basic Economics unit
Flashcards
28 cards
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Practice quiz
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Host live
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Questions
28
Answers
1
What is the opportunity benefit of playing video games instead of doing your homework?
Having more fun
Getting a lower grade
Getting ice cream
Learning more
2
Our most basic wants are
Smartphones, transportation, food
Food, clothing, shelter
Support, technology, money
Housing, community, friendship
3
Someone who invests in or starts a business
Entrepreneur
Baguette
Union Worker
Tricolor
4
The amount of a product that consumers are willing and able to purchase at a given price
Demand
Market Price
Supply
Scarcity
5
How do you find the market price on a supply and demand graph?
you don't, there isn't enough information
where the supply and demand curve meet
on the demand curve
on the supply curve
6
In exchange for loaned capital, investors expect ________ in return
Payment
Interest
Wages
Rent
7
Which of these items is scarce?
Solar Energy
Time
Diamonds
Oxygen
8
Which of these is an example of land?
Your coffee shop's barista.
Using solar energy to power your business.
Your company's building.
Your backpack.
9
Economics
is...
The study of spending
The study of creation, exchange, & consumption of resources
The study of how best to bore students in Kirksville
The study of money and how people use it
10
Payment received in exchange for the use of land resources
Scarcity
Profit
Rent
Capital
11
All of these compete in a market economy EXCEPT...
Sellers vs Sellers
Buyers vs Sellers
Tradition vs Market Price
Buyers vs Buyers
12
Every society must make all the following basic economic decisions EXCEPT...
what goods and services to produce
How to produce goods and services
who will get goods and services
How people can share goods and service equally
13
Anything produced in an economy that is used to produce other goods and services
Profit
Rent
Scarcity
Capital
14
Which of these is
NOT
one of the three basic economic decisions?
What goods and services to produce
How to produce the goods and services
Who will get which goods and services
What is the Market Price?
15
As a factor of production, labor includes all of the following EXCEPT...
Knowledge
Time
Machinery
Energy
16
What is the opportunity cost of playing video games instead of doing your homework?
Getting a lower grade
Getting ice cream
Learning more
Having more fun
17
The laws of supply and demand...
Eventually determine the market price
Work best in a command economy
Set the price for production of goods
Cancel each other out
18
What are the factors of production?
Loose Change, Labor, Capital
Land, Labor, Capital
Land Labor, Cream Cheese
Land, Levitation, Capital
19
The problem of unlimited wants and needs in a world of limited resources
Rent
Capital
Scarcity
Profit
20
What is the central economic problem that causes the need to make trade-offs?
Tradition
Opportunity Benefit
Scarcity
Surplus
21
All of the following are influences on demand
besides
price
except...
Not having wants
Advertising
Perception of a product
Fads and trends
22
The amount of a product that producers are willing and able to produce at a given price
Scarcity
Market Price
Supply
Demand
23
According to the law of supply, when the price of a good goes up...
Producers will want to make more of it
Producers will want to make less of it
People will usually buy more of it
Demand will decrease
24
Opportunity Cost is...
Benefit given up as resources used for one thing not another
amount of money required to receive a good or service
resources that are limited compared to the demand for them
Companies making decisions about how to use their resources
25
Which of these is an example of capital?
Your coffee shop's barista
Your company's building
Your backpack
Using solar energy to power your business
26
Which of these is an example of labor?
Using solar energy to power your business
Your coffee shop's barista
Your company's building
Your backpack
27
The revenue left after all costs of production have been paid
Rent
Capital
Profit
Scarcity
28
Which of the following is an example of an opportunity cost?
Picking up a coffee while shopping for groceries at Hy-Vee
Using your DVR to watch the NFL playoffs and American Idol
Going out to dinner and a movie on Friday night
Giving up Snapchat to study (in order to get good grades)
