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The Basics of Economics for Consumer Education Flashcards | StudBud
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The Basics of Economics for Consumer Education
The Basics of Economics for Consumer Education
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1
actions that can satisfy people’s wants or needs.
Candy Bars
Services
Money
Goods
2
Who is the father of Economics?
Christopher Walken
Charles Darwin
Adam Smith
John Jay
3
examines the large picture of Economics (Governments)
law of attraction
Microeconomics
Macroeconomics
Scarcity
4
The loss of potential gain from other alternatives when one alternative is chosen defines....
economic question
deflation
opportunity cost
demand curve
5
The current value of all goods and services produced in a country in a calendar year is called
NRA
GNN
FDA
GDP
6
This is not one of the five factors of production.
Area
Land
labor
Capital
7
This is a Diagram of the:
sloped curve
Supply Curve
Equilibrium price graph Curve
Demand Curve
8
the study of how individuals and societies make choices about ways to use scarce resources
Scarcity
Law of Supply
Law of Attracton
Economics
9
What is the last step in the decision making process?
define the problem
make the choice
reflect/evaluate the choice made
research alternatives
10
Bad weather wiped out this years wheat crop. There is a shortage. What will happen to prices?
decrease due to law of supply
increase due to law of supply
increase due to law of demand
decrease due to law of demand
11
government controls the factors of production and makes all decisions.
Traditional Economic system
Mixed Economic System
Market Economic System
Command Economic system
12
When we have less of a good or service than what is demanded.
Economic Question
Scarcity
Supply
Surplus
13
as price goes up, quantity demanded goes down
Law of Supply
Law of Demand
stock market
Law of Attract
14
Another term for Antitrust Laws to prevent one company from dominating the market is.....
Monopoly Laws
Quality Laws
Supply Laws
Competition Laws
15
situation in which quantity supplied is greater than quantity demanded.
Shortage
Scarcity
Surplus
Mixed System
16
Anything beyond food, Water and Shelter
Wants
Services
Goods
Needs
17
North Korea has what type of economic system?
Mixed
Command
Market
Traditional
18
if two items satisfy the same need and the price of one rises, people will buy the other.
Elastic Demand
Trade offs
Real Income Effect
Substitution Effect
19
economic decisions are based on customs and beliefs. The Amish are an example.
Command Economic System
Traditional Economic System
market Economic System
Mixed Economic System
20
What measures the increase/decrease in the retail price of 400 consumer goods in urban areas?
UL
CPI
CPSC
GDP
21
This is not one of the three questions a business must ask itself before production?
For how long to produce it for
How to Produce it
What to produce
For whom is it produced
22
A Bucket List is just a fancy word for
Goals
something to hold water
Visions
Steps
23
This is
Supply Curve
giant X on a graph
Demand Curve
Equilibrium Price graph
24
The USA has what type of Economic system
Mixed
Command
Market
Traditional
25
The increase in the average level of prices of a nation's economy.
deflation
inflation
opportunity cost
Consumer Price Index (CPI)
