In economics, what is a monopoly?

When a businesses grows really large and prevents/eliminates competition

When there is not enough of a resource

What is human capital?

Labor and knowledge used in production of a good/service

What does an economic system do?

It's a nation's way of producing the things people want and need

What is the basic problem of economics?

People have unlimited wants and limited resources

What are the three questions of economics?

What to produce, how to produce, and for whom?

What the difference between Macro and Micro Economics

Macro focuses on nations, Micro focuses on individuals

study of production and distribution of goods/services

What is the Federal Trade Commission?

A government agency that stops unfair business mergers and unfair practices

A cost you have paid that you can't get back

What is physical capital?

Tools, Machinery, or Money used to produce good/service

a tax on goods from foreign countries

What the difference between consumers and producers?

Producers develop products, Consumers buy and use them

Why is competition good in an economy for consumers?

Encourages businesses to make better products and keep prices lower

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Intro to Economics

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Questions 20

Answers

1
In economics, what is a monopoly?
When a businesses grows really large and prevents/eliminates competition
A tool that you can use in production or distribution
A highly profitable game that you can sell
A government agency that monitors prices
2
Which type of economic system is where people and business make decisions and government doesn't interfere at all?
Mixed Economy
Traditional Economy
Market Economy
Command Economy
3
What is scarcity?
When there is not enough of a resource
When there is too much supply of a resource
When the price is too high for a resource
When people loss their jobs and the economy shrinks
4
What is human capital?
Tools/Money used in production of a good/service
The international capital of the world (Brussels, Belgium)
Money that consumers have to purchase goods/services
Labor and knowledge used in production of a good/service
5
What does an economic system do?
It controls recreational behavior and prevents crime
It collects information about citizens and saves it for later use
It's how a nation develops its military technology
It's a nation's way of producing the things people want and need
6
What is the basic problem of economics?
People will always be in conflict with the government about taxes
Foreign companies will always be in competition with domestic companies
People need jobs but not everyone can have one
People have unlimited wants and limited resources
7
The United States has a role for individuals, businesses, and government in the economy. What type of economy is this?
Market
Command
Mixed
Traditional
8
What are the three questions of economics?
How to earn money, save money, and spend money?
What to produce, how to produce, and for whom?
How to provide goods, services, and customer support?
How to work, get promoted, and retire?
9
What the difference between Macro and Micro Economics
Macro focuses on businesses, Micro focuses on government
Macro focuses on nations, Micro focuses on individuals
Macro focuses on individuals, Micro focuses on nations
Macro focuses on goods, Micro focuses on services
10
What type of economic system are decisions based on custom or habit?
Traditional Economy
Command Economy
Mixed Economy
Market Economy
11
What is economics?
Study of human culture and civilizations
study of production and distribution of goods/services
Study of the origins of knowledge
study of political systems and nations
12
Which type of economic system is where individuals, businesses, and government all play a role?
Market Economy
Command Economy
Traditional Economy
Mixed Economy
13
What is the Federal Trade Commission?
a government agency that taxes foreign goods
A government agency that stops unfair business mergers and unfair practices
a government agency that encourages foreign trade
a government agency that encourages healthy environmental practices
14
What is a sunk cost?
the highest price you would pay for something
the lowest price you would pay for something
A cost you have paid that you can't get back
the second best option for spending an amount of money
15
Which type of economic system is where the government makes the major decisions?
Command Economy
Mixed Economy
Traditional Economy
Market Economy
16
What is physical capital?
Knowledge/labor of workers used in production
Tools, Machinery, or Money used to produce good/service
Highest physical point on earth (Mt. Everest)
Assets that consumers can sell to purchase new goods
17
Cuba has government planners who determine what to produce and what prices are charged. What type of economy is this?
Mixed Economy
Command Economy
Market Economy
Traditional Economy
18
What is a tariff?
A fine paid to the government for lying to consumers
describes situation when there is not enough of a good to meet demand
a tax on goods from foreign countries
A document submitted when you start a business
19
What the difference between consumers and producers?
Consumers develop products, Producers use them
Producers develop products, Consumers buy and use them
There is no difference
Producers make services, Consumers make goods
20
Why is competition good in an economy for consumers?
Creates higher prices and therefore bigger profits
Encourages businesses to make better products and keep prices lower
Allows businesses to work together to deceive customers
Allows the government to take more tax money from several busineses

Intro to Economics Flashcards | StudBud