Opportunity cost is...

the cost of what you have to give up

Which of the following is one of the three basic economic questions?

How should goods and services be produced?

How do companies make a profit?

They try to decrease expenses and increase revenue.

the ability or willingness to produce a certain good or service

People or businesses that make and sell goods or services

the study of how people meet their wants and needs

The desire for a certain good or service

studbud

Topic-1 Lesson- 6 - Economics Basics 2023

20 termsStudBud Administration85 plays

Imported from external platform

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
The absence of resources means that societies cannot thrive or develop
True
False
2
Opportunity cost is...
the cost of what you have to give up
the ability and willingness to produce a good or service
the study of how people meet their wants and needs
people or businesses that buy goods or services
3
What doe GDP stand for?
Gross Domestic Product
Growth During Products
Growth During Profits
Gross Domestic Products
4
Inflation is...
general increase in prices
the ability and willingness to produce a good or service
general decrease in prices
the cost of making one more unit of the product
5
What type of economic system has people satisfying their needs and wants through hunting and farming?
traditional economy
market economy
mixed economy
command economy
6
Which of the following is one of the three basic economic questions?
How can income be shared?
How is a budget created?
How should goods and services be produced?
What price should be set for goods and services?
7
If price increases, the amount supplied...
stays the same
decreases
is infinite
increases
8
What happens if there is a lack of demand for a product?
decrease in prices
All of the above
a recession happens
increased unemployment
9
How do companies make a profit?
They try to decrease expenses and increase revenue.
The try to increase expenses and increase revenue.
They try to increase expenses and decrease revenue..
They try to decrease expenses and decreae revenue.
10
If price increases, the amount demanded...
is infinite
stays the same
increases
decreases
11
Supply is
None of the above
The cost of what you have to give up
the ability or willingness to produce a certain good or service
The desire for a certain good or service
12
Which type of economic system has the highest level of government control?
market economy
traditional economy
mixed economy
command economy
13
Producers are
Are part of businesses
are people or businesses that buy or consume goods or services
Not important to economics
People or businesses that make and sell goods or services
14
What is another name for a market economy?
communism
capitalism
socialism
feudalism
15
Increased competition between producers of a good may lead to
a rise in taxes.
an increase in price.
a drop in demand
a decrease in profit
16
What does specialization allow companies to do?
increase expenses
decrease production
none of the above
increase profit
17
If resources become more expensive, what happens to prices?
Prices stay the same
Prices rise
None of the above
Prices fall
18
What type of economic system does the United States have?
mixed economy
command economy
traditional economy
market economy
19
Economics is...
the study of how people meet their wants and needs
the cost of what you have to give up
people or businesses that buy goods or services
the ability and willingness to produce a good or service
20
Demand is
The cost of what you have to give up
None of the above
the ability or willingness to produce a certain good or service
The desire for a certain good or service

Topic-1 Lesson- 6 - Economics Basics 2023 Flashcards | StudBud