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Duplicate of Economics Flashcards | StudBud

Explore/Duplicate of Economics

Duplicate of Economics

10 terms·StudBud Administration·1 play

Basics of economics

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Questions 10

Answers

1
What is needed for a professional job?
higher education
a college degree
GCSEs
a briefcase
2
Which is not an unskilled worker's job?
bartender
custodial work
waiting on tables
assembly line
3
What is marginal cost?
cost added by producing one extra item of a product
cost subtracted when nothing is produced
cost added when product production is too little
cost subtracted when one extra item of a product is produced
4
What is America's economic system?
Command
Market
Mixed
Traditional
5
Which is not an economic system?
Production
Traditional
Market
Command
6
Economics is the study of when...
people get whatever they want whenever they want
people who don't care about money
people can't get anything because they have no money
people make choices to fulfill their wants w/ few resources
7
Which is a characteristic of socialism?
the government has little control over the economy
the public controls the economy
most prices are set by the state
most of the factors of production are used by the public
8
Which is not a factor of production?
lakes
luxury
land
labor
9
Which is a condition of perfect competition?
large numbers of buyers and suppliers
buyers must know market price
no control on price
price is controlled by the government
10
What is scarcity?
a combination of unlimited resources and wants
a combination of limited resources and unlimited wants
a combination of unlimited resources and limited wants
a combination of limited resources and wants