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Economic Principals and Systems Flashcards | StudBud
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Economic Principals and Systems
Economic Principals and Systems
20 terms
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StudBud Administration
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economic principals
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Economics is the study of...
Prices of products
The stock market
People making choices about limited resources
Money
2
When you consume a product you are...
selling it
buying it
making it
3
Which of these factors determines what is produced (made) in the U.S.?
What people are demanding
what people ARE NOT buying
What the government wants made
4
When something is
scarce
that means there is...
an unlimited supply of it
it does not exist
a limited supply of it
you cannot buy it
5
When you make a choice about how to spend your money or your time you must think about...
opportunity cost
ALL OF THESE
costs
benefits
6
When price goes down, normally the demand will...
stay the same
go up
go down
7
Somebody who starts a business is a...
entrepreneur
producer
customer
consumer
8
You go to the mall and buy a new iPhone instead of a pair of headphones...the headphones are...
your human resource
your opportunity cost
your benefit
your scarcity
9
This is an example of a...
entrepreneurial resource
natural resource
capital resource
human resource
10
This is an example of which concept we talked about?
incentives
opportunity cost
scarcity
choice
11
Which of these is an example of an incentive?
Pride Tickets for answering questions
eating a dessert
yelling at a kid for not finishing their homework
teaching a class of students
12
He is an example of a...
natural resource
capital resource
good
service
13
Production is when...
somebody destroys something
somebody makes something
somebody buys something
14
When the price goes up the supply will...
stay the same
go down
go up
15
Which of these resources is unlimited?
water
air
oil
none
16
What is capital resource?
money
customers
machinery
17
These are an example of...
goods
scarcity
choices
services
18
What is opportunity cost?
The item you cannot afford
The item you bought
Your next best option
19
If people are demanding a lot of a rare product the price of that item will...
go up
stay the same
go down
20
The more _______________ somebody has the more goods and services they can buy.
capital
scarcity
productivity
money
