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Economics Chapter 1-3: Basics of Economics Flashcards | StudBud
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Economics Chapter 1-3: Basics of Economics
What is economics? the study of
What you are missing out on when you make a choice
Economics Chapter 1-3: Basics of Economics
32 terms
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Chapters 1-3
Flashcards
32 cards
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Questions
32
Answers
1
What you are missing out on when you make a choice
trade-off
miss outs
opportunity cost
ratio
2
What is economics? the study of
the allocation of limited resources to meet unlimited needs
the allocation of limited resources to meet limited needs
the allocation of unlimited resources to meet limited needs
the allocation of unlimited resources to meet unlimited need
3
All of the following are factors of production, except
labor
capital
income
land
4
Which of the following would be considered a capital good?
paper plates
cash register
baked beans
a t-shirt
5
you can get more of one good when you give up some of another good
loss of use
scarcity
trade-off
trade us
6
True or False: people typically make decisions based on which option has the most benefits
true
false
7
This is an example of a limited resource
air
mud
oil
trees
8
Socialism is quickly becoming the most common economic system worldwide
false
true
9
when someones music is keeping you up all night, it would be considered a
public good
negative externality
positive externality
private good
10
True of False: Competition exists because of scarcity
false
true
11
according to the circular flow chart, households sell resources to businesses and are rewarded with money
true
false
12
All of the following are features of free enterprise, except:
buyer rewards
economic freedom
voluntary exchange
private property
13
tasks that you pay other people to perform
goods
services
14
condition where our wants are greater than the resources
scarcity
allocation
want
resource
15
Most businesses do not experience opportunity costs.
true
false
16
All of the following are rights of the consumer, except:
right to redress
right to be seen
right to be informed
right to be heard
17
the production possibilities frontier shows:
shows every thing you can produce with unlimited resources
the three economic questions being answered
all production possibilities that represent trade-offs
18
based on the flow chart, governments pay taxes to business and receive benefits from houses
false
true
19
which of the following is not one of the 3 main economic questions
what to produce
how to produce
where to produce
for whom were producing for
20
The Scope of Economics includes all of the following, except:
reasoning
prediction
description
analyzing
21
economic system where the government owns and controls many of the resources
market economy
free enterprise
socialism
22
Someone who seeks out new job opportunities and developments are considered
entrepreneurs
salesmen
sharks
23
This encourages people to make a certain decision using rewards
marginal
bargaining tools
scarcity
incentives
24
What rationing device do we use in the United States?
the PPF
cash
trade
growth
25
A concert would be considered a(n)...
nonexcludable private good
excludable private good
a nonexcludable public good
excludable public good
26
property that can be owned by an individual or company
private
public
27
Which of the following is an example of a nonexcludable public good.
your home
a college lecture
a dam
a movie theater
28
economic systems where the governments role is small and buyers/sellers make most decisions
mixed economy
totalitarianism
communism
free enterprise
29
What is a disadvantage of free enterprise
being too consumer focuses
uneven economic growth
closing the gap between rich and poor
economic freedoms
30
people who see positive externalities of a good/service without paying for it
privatizations
cheapos
free riders
31
refers to how all income earned in a country is divided among different groups of people
economic plan
income distribution
32
t or f: if people didnt have to follow the law, free enterprise would most likely fail
true
false
