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Introduction of Economics Flashcards | StudBud
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Introduction of Economics
Introduction of Economics
16 terms
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StudBud Administration
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What is economics? Economic systems? American Free Enterprise?
Flashcards
16 cards
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Questions
16
Answers
1
Define competition
Regulatory force of the economy
Right to choose their occupations and work
Motivating force of the economy
2
What is opportunity cost?
goverment
make the next best choice
limit source
shows opportunity cost
3
Which example of limited amounts of the following would lead to a shortage?
Food that is available because of a truckers strike
Labor available because workers employed at another business
Food that is available because no one wants to buy it
4
What does economics study?
Goods and services
Factor and market
House holders and firms
Government and schools
5
Who controls economic goals in a command system?
government
France
all world
efficient
6
If a point falls inside, what does it mean for production?
self-interest
inefficient
exchange
efficient
7
Elasticity of Demand
Get the benefit of use of a public good or service
Consumer response to price change.
Consumers buy more of a good and service
8
Which one are not the basic economic question?
How to produce
What to produce
When to produce
For whom to produce
9
what is Monopoly?
A market dominated by a single seller.
Factors that make it difficult for a new firm enter a market
Allowed by the government due to 1 firm can provide product
10
what is economics?
The study of the behavior and decision
the study of economic behavior and decisions
study of how people meet their needs and wants
11
define economic freedom
Regulatory force of the economy
Right to choose their occupations and work
Motivating force of the economy
12
why does Scarcity exist?
because of unlimited wants and needs and limited resources.
because of choices
give up
13
what is a Shortage?
Quantity is higher than the demand.
Minimum price set by the government
Quantity is lower than the demand.
14
what is a Surplus?
Quantity is lower than the demand
Quantity is higher than the demand.
Minimum price set by the government;
15
how is Demand and Supply Curve show
Equilibrium, left Shift, right Shift
Equilibrium, Right Shift, right Shift
Equilibrium, left Shift, Left Shift
Equilibrium, Right Shift, Left Shift
16
Define self-interest
Right to choose their occupations and work
Regulatory force of the economy
Motivating force of the economy
