Home Library Explore SAT

Home Library Explore SAT

Lesson #1 Economics Flashcards | StudBud

Explore/Lesson #1 Economics

Lesson #1 Economics

10 terms·StudBud Administration

Imported from external platform

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
What determines price & quantity of a good?
supply & demand
free markets
nationalization & collectivism
monopolies
2
What does profit mean?
to reach an agreement
money that is lost
money that is made after costs are paid
throughout the world
3
What are two kinds of capital?
Labor and state Capitals
Financial Capital and Entrepeneurs
Financial Capital and Labor
4
What is profit?
Money left over after paying of business debts
Business debts
Money you make
How much you sell an item for
5
What does economy mean?
A system put in place to support the ecosystem
A way to boost your country's popularity
how money is made and used within a country or region
A subject you can elect to study in year 11 and 12
6
What are the factors of production?
Land, labour and enterprise
There are no factors of production
Employment, ethics, age and gender
Land, labour, capital and enterprise
7
What is opportunity costs?
When things are on sale.
The demand for goods.
There is not enough for everyone.
What you have to give up to get something else.
8
How are goods different from services?
Services are more expensive than goods.
Purchased goods are owned, purchased services are not.
Services are actions and goods are things we eat.
Goods are more expensive than services.
9
What does scarcity mean?
There is enough for everyone.
No one needs or wants an item.
There is not enough for everyone.
10
What is economic interdependence?
People's reliance on each other to provide goods/services
the ability to produce all goods and services
the result of a division of labor
the relationship between the 4 factors of production