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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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Economics Review
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Opportunity cost is most closely associated with which other economic term?
Tradeoff
Demand
Surplus
Enigma
2
A tradeoff is best described as _________________.
the amount of goods in a market
choosing one thing over another
having a lack of resources
an economic riddle or question
3
The incentives matter principle states that ____________________
markets bring buyers and sellers together
people weigh costs vs benefits when making decisions
people respond to incentives in predictable ways
people make tradeoffs daily
4
Which of the following is NOT one of the seven principles of economic thinking?
incentives matter
Scarcity forces tradeoffs
cost vs benefits
supply vs demand
5
The BEST example of a negative incentive would be which of the following?
Sales
Fines
Coupons
BOGO
6
An economic enigma is _________________.
an unanswerable economic question
an economic question/riddle answered using economic analysis
solved best by not using economic analysis
a mystery in economics
7
The "no-free-lunch" principle is most closely associated with which economic principle?
Trade Makes People Better Off
Thinking At the Margin
Cost vs Benefits
Scarcity Forces Tradeoffs
8
The best basketball team (according to Mr. Collins) is which team?
Cardinals
Bearcats
Ducks
Wildcats
9
The picture below is an example of which economic principle?
positive incentives
scarcity forces tradeoffs
negative incentives
foot in door technique
10
Which of the following best describes scarcity?
unlimited resources
limited resources
coupons
making choices
11
Bringing buyers and sellers together is key to which principle of economics?
Scarcity Forces Tradeoffs
Buyers and Sellers Cooperate
Markets Coordinate Trade
Trade Makes People Better Off
12
Economics is about all of the following EXCEPT:
analyzing how economics work
only money
making better decisions
making policy recommendatoins
