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Economic Fundamentals Flashcards | StudBud
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Economic Fundamentals
Economic Fundamentals
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Questions
10
Answers
1
When the price is
too high
, what will the result be in the market?
demand
surplus
shortage
equilibrium
2
What are products often used together called?
trade-offs
substitutes
complements
resources
3
What refers to the pleasure, usefulness, or satisfaction provided by a product?
utility
value
marketability
productivity
4
Which economic system relies on supply and demand to answer the basic questions?
market
command
mixed
traditional
5
Which economic system is most predictable because things are always done the same way?
traditional
market
command
mixed
6
A person chooses to go to college instead of going to work, the income she gives up is the ___.
opportunity cost
total cost
marginal cost
variable cost
7
What forces people to make choices?
desire for profit
scarcity of resources
need for shelter
abundance of goods
8
Which is a
need
?
an apartment
hamburger
food
automobile
9
Which determinant refers to the way people think about the future?
substitutes
tastes
expectations
supply
10
What word best describes the flow of economic activity in a market economy?
linear
up sloping
sequential
circular
