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Fundamental Economic Concepts Flashcards | StudBud

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Fundamental Economic Concepts

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What do you remember about the economic concepts

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Questions 10

Answers

1
What are the four economic activities?
consumption, resources, trade off
consumption, production, exchange, distribution
natural, economic, industrial
production, distribution, purchase selling
2
Tangible objects that can be manufactured or produced for resale are...
resources
goods
economic wants
capital goods
3
The situation that exists when demand is greater than supply
Excess supply
Unlimited resources
Excess demand
exchange
4
What are tangible items produced for personal use?
consumer goods
industrial goods
capital goods
economic want
5
A condition resulting from the gap between wants for goods & services & limited resources is...
goods
scarcity
production
services
6
Which one is NOT a condition required for demand to exist?
Buying power to pay for a good or service
Willingness to give up some buying power
Desire for a good or service
Willingness to buy the items for sale
7
Factors of production are...
Tangible items that will be consumed by industrial users
Productive resources
Any resource found in nature
People who work to produce goods and services
8
How many economic questions are there that all societies must answer?
2
4
3
1
9
what are the economic utilities created by business and marketing activities?
consumer, industrial & capital utility
form, place, time & possession utility
consumption, exchange, and distribution utility
economic and non economic utility
10
The study of how to meet unlimited, competing wants with limited is...
Economics
Resources
Goods
Services