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Economics and personal finance Flashcards | StudBud
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Economics and personal finance
Economics and personal finance
9 terms
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Economics and financial literacy
Flashcards
9 cards
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Questions
9
Answers
1
What does the production of possibilities curve do?
Shows how much money the average person makes per year.
Shows maximum possible output for an economy.
Shows minimum possible output for an economy.
Shows how much resources people buy.
2
Who was Adam Smith?
The man that caused The Great Depression.
The father of modern economics (invisible hand)
A guy that invented an invisible hand.
The creator of printed money.
3
Define scarcity:
Human wants are greater than the supply of time.
Human wants are greater than the supply of resources.
Human wants are greater than the supply of goods.
4
The 4 factors of production are:
Land, goods, needs, and wants.
Land, labor, supply, and demand.
Land, labor, capitol, entreprenurability.
Capitol, supply, demand and land.
5
What is a tradeoff?
The next best option
All the options given up when a decision is made
What you wanted to choose
6
What is opportunity cost?
The options given up
The next best option
what you needed to choose
what you wanted to choose
7
What is tragedy of the commons?
When people steal money to buy supply.
Everyone trying to get the greatest benefit.
When nobody cares what happens.
8
what is Macro economics?
Looking at only elderly in the economy
Looking at individuals in the economy.
Looking at the economy as a whole
Looking at teens in the economy
9
What is micro economics?
Looking at elderly in the economy.
Looking at the economy as a whole.
Looking at teens in the economy.
Looking at individuals in the economy.
