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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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Review the concepts we've covered in the first month of economics?
Flashcards
19 cards
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Questions
19
Answers
1
The limited nature of society's resources is known as
Scarcity
Government Assets
Basic Economic Questions
Allocation
2
The Circular Flow Model demonstrates how money and productive resources flow through an economy.
True
False
3
Microeconomics involves...
Inflation, growth, employment, interest rates.
Individuals, households, and businesses.
The broader economy.
Only households selling resources.
4
The four productive resources are
Land, labor, water, and people.
Natural, capital, human resources & entrepreneurship
Stones, clothespins, plastic baggies & straws.
Resources, productivity, tools, and technology.
5
In the tennis ball factory, additional value of the tennis balls was compared to the cost of the additional labor.
False
True
6
The money households spend to purchase goods and services is called..
Income
Expenditures
Output
Input
7
All choices entail an opportunity cost
False
True
8
What are the two markets in a "basic" Circular Flow model?
Goods and Services Market
Labor and Goods Markets
Resource and Product Markets
Natural and Captial Markets
9
Marginal Analysis is a decision making tool that compares:
Marginal Product and benefits
Marginal utility and benefits
Costs and benefits
Marginal costs and marginal benefits
10
Economics is the study of
People controlling money in an economy
Government deciding what to produce
People allocating limited resources to satisfy unlimited wants
Consumers deciding what to buy
11
What two items must be added for a society to produce outside its PPF?
More Trucks and Workers
More resources and new technology
More resources and productivity
More Resources and land
12
Macroeconomics involves....
Policies of the Federal Reserve Bank.
The broader economy - growth, inflation, unemployment, etc.
Individual units that comprise the economy.
Businesses and households.
13
Workers not being well trained might be a reason for
A society operating well above their PPF
A society operating at full efficiency
A society operating below their PPF
A society that chose to minimize costs
14
The law of diminishing marginal utility occurs when...
marginal utility rises
marginal utility decreases
marginal utility stays the same
marginal product decreass
15
The three basic economic questions are: What to Produce, How to Produce and ...
Who produces?
How to produce?
Who gets to consume?
What to consume?
16
Who are the two "players" in a basic Circular Flow model?
Households and Businesses
Government and Consumers
Government and Households
Government and Businesses
17
A production possibility frontier represents
the technology that should be used.
the maximum amount of goods that can be made.
the resources that should be used.
how many people to hire.
18
The additional satisfaction or use an individual gets from consuming one more unit is called..
marginal utility
marginal waste
marginal analysis
marginal product
19
In the Circular Flow model, Households have goods and services, but want productive resources.
False
True
