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Scarcity & Economic Reasoning Flashcards | StudBud
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Scarcity & Economic Reasoning
Getting a haircut would be considered
An example of a public good would be
Scarcity & Economic Reasoning
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#BasicEconConcepts
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Answers
1
An example of a public good would be
buying a new car
buying a new phone
removing snow from roadways
mowing your yard
2
Getting a haircut would be considered
a resource
a need
a service
a good
3
Things unnecessary for survival are
wants
resources
needs
goods
4
A model showing max quantity of one good that can be produced for each quantity of another good
a cost
a production possibilities frontier
a tradeoff
a resource
5
What you give up to get something
resources
labor
capital
opportunity cost
6
Which is NOT a resource?
capital
entrepreneurship
land
goods
7
Equity, Economic Freedom, Economic Security, Economic Growth & Efficiency are all
Economic Goals of society
Economic laws of society
Economic practices of society
Economic promises to society
8
A communist economy is an example of
command economy
traditional economy
market economy
mixed economy
9
People make tradeoffs because
society requires it
wants outweigh needs
needs outweigh wants
money is scarce
10
Economics is
the study of money
the study of government
the study of markets & prices
the study of choices under conditions of scarcity
11
When opportunity cost of a good rises as more is produced
law of constant opportunity cost
law of increasing opportunity cost
TINSTAAFL
law of decreasing opportunity cost
12
Being just and fair
financial security
sustainability
economic growth
equity
13
A reward or punishment that influences a decision or motivates action
tradeoff
social safety net
economy
incentive
14
Economic system where the primary incentive is private gains and losses from voluntary exchange
a command economy
a traditional economy
all of the above
a market economy
15
This United States has this type of economy
traditional economy
command economy
mixed economy
socialist economy
16
An economy where economic decisions are made by habit, customs, superstition or religion
command
mixed
market
traditional
17
In a market economy, most resources and businesses are
privately owned
none of the above
owned by the government
owned by a small group of individuals
18
The Amish are an example of what type of economy?
command
mixed
traditional
command
19
Which is NOT one of the 3 basic economic questions?
For whom to produce?
How to produce?
What to produce?
When to produce?
20
What is exchanged for money during a voluntary exchange?
goods
services
neither
both goods and services
