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Basic Economic Concepts Flashcards | StudBud
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Basic Economic Concepts
Basic Economic Concepts
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Name a more iconic trio?....I'll wait
Flashcards
17 cards
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Questions
17
Answers
1
What is absolute advantage?
who can produce more with the resources they have
all of the above
the highest opportunity costs
who produces the best quality of a product
2
What does the Production Possibilites Curve show
The combo of goods and services produces w/ scarce resources
A bode curve with points of production
None of the above
Opportunity costs
3
What does an outward shift of the PPC mean?
technological advances
better resource quality
specialization and trade
economic growth
4
What is comparative advantage?
which company can produce more efficiently
Producing more with the resources you have
The lowest opportunity costs
None of the above
5
What is economics?
The study of money
How people use money
None of the above
Efficient use of scarce resources to reach max satisfaction
6
How is the circular flow of economics divided?
land, labor, capital and entrepreneurship
product and resource market
goods and services
rent, wages, interests, and profit
7
What factors contribute to economic growth
A surplus of money
Technological advances
An increse in resource supplies
A raise in minimum wage
8
What is scarcity?
Not having enough of something
Having the right amount
None of the above
Having too much of a resource
9
Define "full production" in economic terms
Producing what is most wanted by society
Producing in the least costly way
Productive and allocative efficiency
None of the above
10
In order to use our resources in the best way we need to achieve;
None of the above
Allocative and productive efficiency
Full employment and full production
Goods and services
11
Define the word marginal in economic terms
N/A
Satisfaction
Extra or additional
The more of a product you buy = less satisfaction
12
Which describes a market system?
a central planning agency makes all the decisions
a command economy
private ownership of resources
a mechanism to respond to the economizing problem
13
Explain the marginal analysis concept
P=Q
MB=MC
Allocative efficiency
All of the above
14
What is an oppurtunity costs?
Trade off
All of the above
Choosing between capital goods and investment
Sacrificing one product for another
15
What is the accumulation/buying of capital goods known as?
economic gain
human capital
investment
stock
16
What are the factors of production?
LLCE
None of the above
Goods and Services
RWIP
17
How do economic systems differ?
who owns the factors of production
private ownership
a central planning agency
methods used to coordinate and direct economic activity
